Moody’s has cut the U.S.’s sovereign credit rating from the highest possible rating (Aaa) to one notch below (Aa1). According to CNBC, the agency lowered the rating due to the growing burden of the federal government’s deficit and the rising costs the U.S. now faces due to interest rates. Moody’s joins Standard & Poor’s, which downgraded the U.S. in August 2011, and Fitch Ratings, which downgraded the U.S. rating in August 2023. The U.S. credit rating has significant market wide effects, as demonstrated by the Dow, S&P 500, and NASDAQ indices all being down at the start of trading. In…

The House Budget Committee promised to revisit the stalled tax bill—by posting a notice that the committee would reconvene a hearing on the matter on Sunday, May 18, at 10 p.m. ET. That’s not a typo. After an earlier vote didn’t advance the bill on Friday, Representatives said they would resume talks on Monday during business hours. That changed over the weekend after criticisms lobbed at fiscally conservative Republicans who had initially opposed the bill because it would contribute significantly to the deficit switched their votes to “present.” On Friday, five Republicans joined Democrats in voting no on the bill:…