Earlier this morning, credit ratings agency Moody’s moved one step closer to downgrading the United States’ Aaa rating when it announced the country’s credit rating is under review. The move ramps up pressure on the White House and Congress to reach a deal on raising the nation’s $14.3 trillion debt limit before August 2. Mark Zandi, chief economist for Moody’s Analytics, explains what will happen if the U.S. loses its Aaa credit rating. He says that lawmakers need to reach a deal and increase the debt threshold in order to avoid worldwide financial calamity.
The story you just read is available to read for free because thousands of listeners and readers like you generously support our nonprofit newsroom. Every day, the reporters and producers at The World are hard at work bringing you human-centered news from across the globe. But we can’t do it without you: We need your support to ensure we can continue this work for another year.
When you make a gift of $10 or more a month, we’ll invite you to a virtual behind-the-scenes tour of our newsroom to thank you for being with The World.