The U.S. credit rating was given a negative outlook by Moody’s Investor Service in part due to the ballooning U.S. debt.
Moody’s, a global credit rating provider, made the projection on Friday, changing its assessment of the American credit from stable to negative. The news comes as spending and inflation have remained high throughout the Biden administration.
“In the context of higher interest rates, without effective fiscal policy measures to reduce government spending or increase revenues,” Moody’s said in a statement. “Moody’s expects that the U.S.’ fiscal deficits will remain very large, significantly weakening debt affordability.”
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The rating’s agency also said the decision was based in part on political polarization.
“Continued political polarization within U.S. Congress raises the risk that successive governments will not be able to reach consensus on a fiscal plan to slow the decline in debt affordability,” Moody’s said.
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