Top Biden administration officials on Friday rejected a decision by Moody’s ratings agency to downgrade its U.S. economic outlook to negative from stable, calling the shift a reflection of what they called “extremism and dysfunction” among congressional Republicans. The statement by Moody’s maintains the United States’ AAA rating, but the officials disagree with the shift to a negative outlook. Deputy Treasury Secretary Wally Adeyemo emphasized that the American economy remains strong and Treasury securities are the world’s preeminent safe and liquid asset. White House spokesperson Karine Jean-Pierre also criticized the change, attributing it to congressional Republican extremism and dysfunction.
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