Mike Johnson's Budget Bill Causes DISASTROUS National Credit Downgrade
May 24, 2025
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5:55Now PlayingMike Johnson's Budget Bill Causes DISASTROUS National Credit Downgrade
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as posted by the channelA U.S. credit downgrade by Moody's has heightened investor fears about a growing debt crisis, potentially triggering pressure from bond market vigilantes demanding greater fiscal discipline from Washington. John Iadarola and Jayar Jackson break it down on The Damage Report. Leave a comment with your thoughts below!
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"NEW YORK, May 19 (Reuters) - A U.S. sovereign downgrade by Moody's has exacerbated investor worries about a looming debt time-bomb that could spur bond market vigilantes who want to see more fiscal restraint from Washington.
The ratings agency cut America's pristine sovereign credit rating by one notch on Friday, the last of the major ratings agencies to downgrade the country, citing concerns about the nation's growing $36 trillion debt pile.
U.S. President Donald Trump's sweeping tax-cut bill, which had been stalled for days by Republican infighting over spending cuts, won approval from a key congressional committee on Sunday in a rare victory for Trump and House Speaker Mike Johnson.
Uncertainty over the final shape of the bill has weighed on markets.
"The bond market has been keeping a sharp eye on what transpires in Washington this year in particular," said Carol Schleif, chief market strategist at BMO Private Wealth, who said that Moody's downgrade may make investors more cautious."
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