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In a lengthy statement, S.&P. said that the recent deal to raise the United States' debt ceiling failed to address the country's mounting obligations.
From the left comes the proposition that given the slow economy, we should defer attending to the problem of mounting obligations — and the truly delusional idea that growing federal debt doesn't matter because we owe most of it to ourselves.
But it was still important to "at least give the appearance" that the country was doing something about its mounting obligations, Hajime Takata, chief economist of Mizuho Research Institute, said in a statement after he took part in the government's forum this month.
NEW YORK TIMES S.&P.'s Rationale for Downgrading the U.S. | Standard & Poor's said it cut the United States' credit rating to AA+ from AAA because the recent deal to raise the debt ceiling failed to address the country's mounting obligations.
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Cities and states struggle to meet mounting pension obligations.
This has contributed to weak growth and mounting pension obligations, major reasons Standard & Poor's downgraded Japan's sovereign debt rating on Thursday.
LONDON -- As financial markets demand higher interest rates on its debt, Spain, like a number of economies in Europe, is battling to persuade skeptical investors that it can continue to service its mounting financial obligations.
Like other European countries, France faces the burden of meeting mounting retirement obligations, a situation made acute by the aging population and the economic crisis, which is pushing up the deficit as the state increases social support.
And Jersey City's new mayor faces mounting short-term obligations and receding payments in lieu of taxes.
But in late summer the Saudi riyal came under attack from speculators in New York, London and Bahrain who compared the country's mounting riyal-denominated obligations (mainly government salaries) with its shrinking dollar-denominated income from oil.
This too would prove a huge drain on the Treasury at a time of a quarter-trillion-dollar deficit and mounting national security obligations, with only a minimal immediate boost to consumer spending.
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