Moody’s downgrades US credit, citing rising debt

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.