A day after the unprecedented downgrade of the United States' credit rating from triple A to double A plus on Friday, Standard & Poor's held a unusual conference call with reporters on Saturday, to explain the reasons behind the decision.
Chairman of S&P's Sovereign Ratings Committee John Chambers, said the outstanding debt of 14.3 trillion US dollars and projected deficits for coming years in the US show that the country is no longer fit for the top-tier rating.
He also said the current bipartisan disagreement does not help build confidence that the US can agree on ways to lower the deficit in "a meaningful way" any time soon.
Regarding the accusation by the US government of an accounting mistake in its calculations, Chambers said, the company's figures are accurate and the analysis is sound.
He also added that S&P had been expressing concerns over the US' political and fiscal capabilities of reducing the mounting debt prior to the downgrade.
Meanwhile, US President Barack Obama said in his weekly internet and radio address Saturday that bipartisan cooperation is needed to solve the problems lying ahead.
[Interview : Barack Obama, US President ] "While deficit reduction has to be part of our economic strategy, it's not the only thing we have to do. We need Democrats and Republicans to work together to help grow this economy. We've got to put politics aside."
He called on Congress to approve the stalled international trade pacts with Panama, Colombia and South Korea.
President Obama also emphasized the necessity of further tax cuts for the low and middle-income classes and the extension of unemployment benefits.
Park Ji-won, Arirang News.
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