US loses AAA credit rating from S&P

US loses AAA credit rating from S&P

Staff and wire report

WASHINGTON — The lowering of America's sterling credit rating was the punctuation mark on a tumultuous week in financial markets.

The credit rating agency Standard & Poor's said Friday it was dissatisfied with the plan Congress came up with earlier in the week to reduce the country's debt.

This is the first time the nation's credit rating has fallen below the highest level, AAA. The U.S. had held that rating since 1917. The move came just days after a gridlocked Congress finally agreed to spending cuts that would reduce the debt by more...