Moody’s downgrades US credit, citing rising debt

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Moody’s downgraded the U.S. credit rating on Friday, citing rising debt, growing interest payments, and inadequate revenue, marking the last major rating agency to strip the U.S. of its top-tier status. The move, seen as a blow to the Trump administration, comes amid GOP debates over extending Trump’s 2017 tax cuts and growing fiscal deficits. Moody’s warned that current proposals won’t reverse long-term budget problems. The White House blamed Biden-era spending, while Democrats criticized Trump’s tax plans as fiscally reckless, Politico has reported. The downgrade could lead to higher borrowing costs for the U.S. government.