The United States parted company with its respected AAA credit rating for the first time in seven decades after being downgraded by Standard & Poor's. The country's credit rating was cut to AA+ following S&P alleged the conciliation made by Congress and President Obama in early August to slash expenditure and enhance the liability upper limit "doesn’t meet the level, in our view, would be essential to even out the government's standard-term debt dynamics." The agency was frank in its evaluation. Its statement read: "We downgraded the 70-year long AAA rating of the United States since we think that the protracted storm over increasing the constitutional liability upper limit and the associated monetary policy debate point out that additional upcoming development surrounding the increase in public expenditure, particularly on privileges, or coming to an agreement on generating income is less probable than we formerly understood and will stay put to a arguable and intermittent procedure," the ratings firm believed.