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Moody’s warns of US downgrade

Ratings agency Moody’s says it expects to place the US under review for a possible downgrade if there is no progress on increasing the statutory debt limit.

On Wednesday, the Republicans blocked a bill to raise the cap on total US borrowing.

Moody’s says if the debt limit is raised and default avoided, the US will keep its AAA rating.

The US risks default if Congress does not authorise more borrowing by August. And a downgrade would increase borrowing costs.

The US has a $1.5tr deficit and is $14.3tr in debt.


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