Moody's downgrades us debt rating, citing rising deficits

Moody's Ratings downgraded the United States' debt rating from AAA to Aa1 on Friday. The downgrade reflects concerns about the growing federal debt and sustained deficits. Moody's expects larger deficits over the next decade due to rising entitlement spending and flat government revenue. A bill to extend the Tax Cuts and Jobs Act (TCJA) stalled in Congress on Friday. Republicans blocked the bill due to concerns about its impact on the federal deficit. The bill would add between $3.3 trillion to $4.1 trillion to the national debt over the next decade.