US debt deal: China downgrades America's AAA credit rating

Gross US debt surged up $238billion to reach 100 per cent of U.S. gross domestic product after the government's debt ceiling was lifted this week.

Treasury borrowing jumped straight after President Obama signed into law a rise in the debt ceiling as the U.S. threatened to default.

The new borrowing took total public debt to $14.58trillion, over end-2010 GDP of $14.53trillion, and placed it in a group with highly-indebted countries such as Belgium, reported AFP. 

As the official downgrade of the crucial AAA rating inches closer, the Chinese Dagong Global Credit Rating Company announced a slide from A+ to A, citing doubts over Washington's ability to pay off its debts

 

For more: US debt deal: China downgrades America's AAA credit rating | Mail Online