S&P Slashes Outlook on U.S. to 'Negative' Amid Soaring Debt

Sounding the alarm about the country's deep fiscal problems, Standard & Poor's on Monday became the first major credit ratings agency to downgrade its outlook on the U.S. to “negative.” The move signals the seriousness of the debt crisis in the U.S., which at most times is considered the safest investment in the world. It is likely to increase pressure on Washington to fix the country's beleaguered balance sheet and could mark the first step to the U.S. losing its coveted 'AAA' credit rating that allows it to tap the capital markets at low rates.

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