The analysis firm Moody's downgraded the US credit rating from AAA to Aa1 on Friday, citing the increase in the US national debt. Thus, the world's largest economy slipping from the highest credit rating.
Bessent believes that the downgrade can be linked to the Biden administration's spending policy, expenditures that the previous government presented as prioritized investments to, among other things, combat climate change.
The US national debt, which according to the finance department amounts to 36.2 billion dollars, began to increase as early as the 1980s. The increase continued then under both President Donald Trump's previous term and under the Biden era.
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