Treasury Disputes S&P Math, Saying Downgrade Doesn’t Add Up
This article is for subscribers only.
The U.S. Treasury Department said there is “no justifiable rationale” for Standard & Poor’s move to downgrade the nation’s credit rating as global finance ministry officials prepared responses to the historic announcement.
Standard & Poor’s officials stood by their decision announced Aug. 5 and laid blame on a political system that failed to adequately address deficit reduction in the compromise law that President Barack Obama signed Aug. 2 to avert a U.S. default on its debt.