© Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks to United Auto Workers (UAW) union members in Belvidere, Illinois, U.S., November 9, 2023. REUTERS/Leah Millis/File Photo
WASHINGTON (Reuters) – Top Biden administration officials on Friday rejected a decision by Moody’s (NYSE:) 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.
“While the statement by Moody’s maintains the United States’ AAA rating, we disagree with the shift to a negative outlook. The American economy remains strong, and Treasury securities are the world’s preeminent safe and liquid asset,” Deputy Treasury Secretary Wally Adeyemo said in a statement.
White House spokesperson Karine Jean-Pierre said the change was “yet another consequence of congressional Republican extremism and dysfunction.”