STANDARD AND POOR’S DOWNGRADES US DEBT

The decision this weekend by one of the three major US credit-rating agencies to downgrade US long-term debt has caused major repercussions both in the stock market and on Capitol Hill. 

The unprecedented move comes after weeks of tumultuous negotiation about the U-S debt ceiling in Congress, and fears that our nation is headed into a “double dip” recession. 

Scott Klinger, The director of Tax Policy for Business for Shared Prosperity, gave his opinion on what the downgrade means for the country and its citizens: