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S&P officials defend US credit downgrade following criticism from administration
WASHINGTON (AP) ' Top officials of Standard & Poor's are defending their decision to downgrade the U.S. government's credit rating following Obama administration claims that it was a hasty decision based on faulty math.
The administration had tried to head off the downgrade announced late Friday. It told S&P that the agency had wrong calculations about the federal budget.
S&P officials say they came to a reasoned conclusion that the United States will have difficulty getting its soaring deficits under control. And they say S&P had given plenty of warnings that a downgrade could be coming if Congress and the Obama administration did not produce a credible deficit-cutting plan.