F inancial ratings firm Moody’s Ratings downgraded the U.S. government’s credit ratings Friday, citing its rising debt and interest in a move that underscores a ballo

Moody’s Ratings slashed the United States’ credit rating down a notch to Aa1 from the highest triple A on Friday, citing the budgetary burden the government faces amid high interest rates.

The downgrade, from the highest rating to one notch below, comes as the president’s budget bill suffered a blow in Congress. Republican budget hawks joined Democrats earlier Friday to block the package — known as the One Big Beautiful Bill Act.