The downgrade follows a change in the outlook on the sovereign in 2023 due to wider fiscal deficit and higher interest payments, and comes as Congress debates tax and spending plans that could deepen the fiscal hole.

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The United States on Friday lost its last top credit rating position from the Big Three agencies due to the failure to handle its growing public debt. For the first time in a century, the country didn’t boast any perfect credit rating granted by the world’s leading rating agencies.