Former White House economic advisor Todd Buchholz says a downgrade of the US credit rating is imminent, despite a deal being reached in the deadlock over the debt ceiling this morning.
Speaking at the Diggers and Dealers conference this morning in Kalgoorlie, Mr Buchholz said he believes ratings agencies will downgrade the US credit rating from its current AAA level over the next few months, ahead of the report of a Congressional committee on ways to reign in the US budget.
Republican Congressional leaders reportedly cut a deal overnight with President Barack Obama's administration, which will lift the debt ceiling in exchange for a trillion dollars worth of budget cuts over the next ten years.
For more: US to lose AAA credit rating soon - former White House advisor | Latest Business & Australian Stock market News | Perth Now
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