U.S. Loses AAA Credit Rating

    A statue of the Albert Gallatin, the 4th Secretary of the Treasury, as seen on the north patio of the US Treasury Building in Washington, Tuesday, Aug. 17, 2010. (AP Photo/Pablo Martinez Monsivais)

    Pablo Martinez Monsivais / AP Photo

    Standard & Poor's has some explaining to do: As the private agency was preparing to downgrade the United States' AAA credit rating, which the country has kept pristine for 70 years, the Treasury department discovered that S&P had miscalculated the federal deficit by $2 trillion. The error led to a furious back and forth between S&P and the Obama administration Friday afternoon, staving off a downgrade. Late Friday evening, S&P was recalculating its estimate as the White House waited for news on whether the mistake would affect the downgrade.

    Read it at Wall Street Journal