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STATE DEPT: U.S. Economy ‘Going To Get Downgraded’

November 10, 2012 at 11:30 am
 
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On Election Day, the State Department invited a top economic analyst to hold a briefing for foreign reporters about the U.S. economy. The analyst’s message was clear: the U.S. is getting downgraded again.

Kathy Bostjancic, director of Macroeconomic Analysis for the Conference Board, said bluntly, “We’re going to get downgraded.”

In 2011, ratings agency Standard & Poor’s downgraded the U.S. debt to AA+ from AAA, after Congress and President Barack Obama agreed to raise the debt ceiling by $2.4 trillion. Analysts have said another downgrade would cause investors to lose more confidence in U.S. Treasury bills, which would put the world into a greater state of economic uncertainty.

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