It came after Moody’s downgraded the US government’s credit rating on Friday, citing the rising debt over the past decade.

On Friday, Moody’s downgraded the US government’s credit rating, citing the growing debt and little progress toward resolving it.

The move was not unexpected. Moody’s was the last of the three rating agencies to take the step and had warned in 2023 that this might happen.

Congress is meanwhile advancing a tax-and-spending bill that would add trillions to the US government’s $36tn in debt.

Historically, the US government has been shielded from having to pay high interest rates, because Treasuries have been considered safe.