Arab Today, arab today fresh credit warnings as us lawmakers trade blame
Last Updated : GMT 06:58:42
Arab Today, arab today
Arab Today, arab today

take all necessary measures

Fresh credit warnings as US lawmakers trade blame

Arab Today, arab today

Arab Today, arab today Fresh credit warnings as US lawmakers trade blame

The statue of the first US Secretary of Treasury, Alexander Hamilton
Washington - AFP

The statue of the first US Secretary of Treasury, Alexander Hamilton US Treasury Secretary Timothy Geithner insisted the economy was strong and blasted an unprecedented credit downgrade as \"terrible judgment\" on Monday as he sought to reassure jittery investors rushing to sell US securities.
Geithner spoke in a television interview late Sunday as G7 central bankers and financial chiefs pledged to \"take all necessary measures\" to support financial stability and growth in the wake of a eurozone crisis and the US credit downgrade.
But Standard and Poor\'s managing director warned of possible further downgrades if Washington fails to get its fiscal house in order.
\"If the fiscal position of the United States deteriorates further, or if the political gridlock becomes more entrenched, then that could lead to (another) downgrade,\" S&P ratings head John Chambers told ABC television.
The first day of trading following the downgrade saw Asian stocks tumble. Tokyo shed 2.18 percent, Seoul sank 3.82 percent, and Sydney fell 2.91 percent while Shanghai lost 3.79 percent. Analysis: Loss of AAA status tough but logical for US
Major European markets also opened with losses but sentiment picked up after the European Central Bank bought eurozone government bonds, taking the pressure off Italy and Spain.
Futures pointed to upcoming losses on Wall Street as well -- just hours before trading was due to resume. Dow Jones Industrials futures were off 2.3 percent while broader S&P 500 futures shed 2.6 percent.Standard and Poor\'s stunned Americans Friday when it lowered the credit rating for US Treasures for the first time ever from a sterling AAA to AA+, pointing out deep divisions in Washington over its long-term fiscal standing.
\"I think S&P has shown really terrible judgment and they\'ve handled themselves poorly, and they have shown a stunning lack of knowledge about basic US fiscal budget math, and I think they came to exactly the wrong conclusion,\" Geithner said.
Geithner used the interview with NBC News and CNBC to assure investors that the US economy remains strong and resilient despite the political battles in Washington, and that US Treasuries were as safe as ever.
\"There is no risk the United States of America would ever not be in a position to meet its obligations,\" he said.
A deal reached by Congress to cut some $2.5 trillion over 10 years in exchange for raising the congressionally-set debt ceiling fell short of the S&P\'s call for the United States to cut $4 trillion over the same period.US lawmakers, meanwhile, spent the day blaming each other for the credit downgrade, with some Republicans calling for Geithner\'s resignation.But the White House said Geithner would stay on at Treasury, ending speculation that he would leave after two-and-a-half years in the hot seat during a period that saw the US economy plunge into the worst recession since the Great Depression.Former US Federal Reserve chairman Alan Greenspan, speaking earlier on NBC, said he believes the markets will react negatively to the downgrade and that it\'s \"going to take a while to bottom out.\"Greenspan, however, said that US Treasury bonds are still a solid investment.
Obama\'s former top economic advisor Larry Summers, appearing on CNN\'s \"State of the Union,\" attacked the S&P downgrade as an unwarranted piling on atop an already weak economy.Summers said the country could pay its bills, and repeated the administration\'s allegations that S&P\'s decision to downgrade was linked to a $2 trillion accounting error and its use of a faulty baseline.These assurance notwithstanding, China accused Western nations Monday of putting the global economic recovery at risk by \"ignoring their responsibility.\"The criticism in the People\'s Daily -- the mouthpiece of China\'s Communist Party -- was the latest in a series of harshly-worded articles in state media about the US and European debt crises.Meanwhile, Democratic and Republican lawmakers continued the finger pointing Sunday over the downgrade debacle.Democratic Senator John Kerry described it as a \"Tea Party downgrade,\" referring to the ultra-conservative anti-tax movement, and said a debt deal reached after weeks of heated negotiations fell short because some Republicans \"were willing to shoot the hostage.\"
\"What we need is a Washington that stops this bickering,\" Kerry told NBC\'s \"Meet the Press.\"
Republican Senator John McCain, also appearing on NBC, blamed Obama, saying he had failed to put forth a specific debt plan.\"I agree that there is dysfunction in our system, but a lot of it has to do with the failure of the president to lead,\" he said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today fresh credit warnings as us lawmakers trade blame Arab Today, arab today fresh credit warnings as us lawmakers trade blame

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues

GMT 08:51 2017 Saturday ,25 February

Shaking off dieselgate, VW races back into profit

GMT 08:48 2017 Saturday ,25 February

France's Macron takes on critics over 'vague' programme

GMT 10:10 2017 Friday ,24 February

France's Macron gets boost, but election is wide open

GMT 12:38 2017 Thursday ,23 February

Lower fares hit Qantas first half profit

GMT 10:57 2017 Thursday ,23 February

Chief executive out at Paramount Pictures

GMT 07:26 2017 Thursday ,23 February

A peek inside Qatar's 'gas capital of the world'

GMT 11:26 2017 Wednesday ,22 February

Dutch corporate takeover defences tough to breach
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday