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Standard & Poor's Downgrades the U.S.: FULL TEXT

Standard & Poor's
Standard & Poor's took the unprecedented step of downgrading the U.S. government's "AAA" sovereign credit rating Friday in a move that could send shock waves through global. The following is a press release from Standard & Poor's:

S&P Justifies US Downgrade, Says More Action Could Follow

President Barack Obama speaks in a prime-time address to the nation from the East Room of the White House in Washington
Rating agency standard & Poor's has staunchly defended the decision to downgrade the creditworthiness of the U.S. government and warned that further action was possible. "The debacle over the debt ceiling continued until almost the midnight hour," S&P's Sovereign Ratings Committee Chairman John Chambers said.
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