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S&P warns it may downgrade US credit rating because of debt ceiling impasse
WASHINGTON (AP) ' The credit rating agency Standard & Poor's is warning that there is a 50 percent chance it will downgrade the U.S. government's credit rating within three months because of the congressional impasse over approving an increase in the debt ceiling.
In a statement, the rating agency said it is placing the United States on a credit watch with at least a one-in-two likelihood that it will lower the country's debt rating within the next 90 days.
The S&P action marked the second credit warning in the past two days. On Wednesday, Moody's Investors Service said it is reviewing the government's triple-A bond rating because it believes the White House and Congress are running out of time to raise the nation's $14.3 trillion borrowing limit and avoid default.