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United States President Obama

Obama: $1.2 trillion in cuts must happen

Regardless of the congressional super committee’s fall down to reach a union on deficit cuts two of three well known rating institution have now decided to keep the United States credit rating in place.

Moody announced on Wednesday that they will still consider an Aaa rating. Also Standards and Poor said that they will keep the rating of United States bonds at Aa for a temporary moment only.

Other jury is still knowing what will be Fitch Ratings will react in this event.

The super committee concluded that it would be equal on Monday without considering any agreement on debt reduction.

To hold back automatic cuts the committee is expected to come up with a deal by November 23 from a $1.2 trillion national deficit.

If the committee will be unsuccessful in their campaign surely the reduction of rates from the rating agencies is thoroughly expected to happen.

Moody quoted that “Moody has a negative perspective on the U.S. rating, considering the need to exert extra effort to reduce the deficit suffered by the economy to change the country upward debt trajectory.

Not only Moody but also standard and Poor has also a negative outlook on the country’s credit rating.

Fitch is also expected to consider the same.

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