The Debt-Ceiling Crisis: An Epic Humiliation

The Debt-Ceiling Crisis: An Epic Humiliation
Global headlines blared America's "humbling," and S&P lowered the U.S.'s credit rating (Source: Newseum; Photographs: Newseum(14))
Source: Newseum; Photographs: Newseum(14)

As the world watched, Democrats and Republicans averted a debt default on Aug. 1, 2011, by agreeing to reduce spending by at least $2.1 trillion over 10 years. That didn’t satisfy Standard & Poor’s; days later it lowered the U.S.’s credit rating to AA+.

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