S P compared refusal to increase the US debt limit crisis in 2008
S P rating agency warned of negative consequences if the US Congress does not approve in the near future increase in the debt limit. According to analysts of S P, the negative impact will be bigger than after the bankruptcy of Lehman Brothers, which marked the beginning of the global financial crisis in 2008. It is reported by Financial Times.
S P's chief economist Beth Ann Bovino said that if the debt limit is not raised, then the consequences for the markets and the economy would be "devastating". According to her, the US economy is set for a default, which would lead to a reduction in government spending and a recession.
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