The controversial companies known as credit-rating agencies are drawing fresh scrutiny from officials in the United States as they weigh whether to downgrade U.S. government debt should Congress fail to come to an agreement to reduce borrowing.
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The credit-rating firms — Standard & Poor’s, Moody’s Investors Service and Fitch Ratings — have said that they could downgrade U.S. debt if Congress does not find at least $1.2 trillion in budget savings over a decade, or if the economy worsens significantly in coming months.
A simple failure by the special congressional committee seeking to forge a deal to tame the debt would not necessarily lead to a downgrade, according to the ratings companies and other economists. The committee’s deadline is Wednesday.
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