Standard & Poor’s Ratings Services announced Monday it was lowering its outlook on U.S. debt from “stable” to “negative.”
Markets immediately fell on the news, with the Dow Jones Industrial Average dropping 214 points or 1.74 percent, as of 1 p.m.
Republicans cast the report as a wake-up call underlining their arguments that the administration should accept significant spending cuts in exchange for raising the nation’s debt ceiling, while the White House said it underscored the need for a bipartisan deal.
Full Story: Stocks plunge after S&P shifts rating on US debt to negative – The Hill’s On The Money