Is American’s spending sprees will cause our credit rating to fall? Two articles from via Drudge one Breitbart: Where the US dollar falling to all time lows versus The European Union’s Euro, The Japaneses Yan and the British Pound Sterling. Due to Massive spending. Meanwhile in Standard and Poor’s credit rating agency says it may drop Brittan AAA credit rating due to spending programs. The credit rating agency has just reaffirmed at AAA however with massive spending up in the UK; it could cut.
The Euro rose to $1.40 vs $1.39 today. The British Pound rose $1.59. only the Yen fell 94.23 earlier vs 94.51 the yen peaked.
The second from Bloomberg: US Treasury Secretary Timothy J. Geithner,tries to reassures the credit rating agencies and our foreign debt holders. The US will reduce its the debt load as soon as posible.
“It’s very important that this Congress and this president put in place policies that will bring those deficits down to a sustainable level over the medium term,” Geithner said in an interview with Bloomberg Television yesterday. He added that the target is reducing the gap to about 3 percent of gross domestic product, from a projected 12.9 percent this year.