Economists Warn Of 'turmoil' Amid Threat Of U.s. Credit Downgrade

Major credit rating agencies have called the reliability of American government debt into question, warning that they could issue a punishing series of downgrades if Congress does not increase borrowing authority by early August.A downgrade of U.S. credit, unthinkable not long ago, is now a real possibility. Even a brief debt default would prompt Moody's Investors Service to dock the government's sterling rating, the agency said Wednesday in a release.

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