Standard & Poor's criticized the U.S. political process and its lawmakers for their failure to rein in spending or bolster revenue enough to make a dent in the budget deficits as it downgraded the country's credit rating. "The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics," according to S&P.

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