Los Angeles : According to reports, President Barack Obama and his team are in a state of shock. Standard and Poors – a free-float capitalization-weighted index of the United States has downgraded the Obama presidency to junk status.
So that the word junk does not hit the President harshly, the spelling has been changed from “junk” to “junque.” However, this subtleness does not help as the S & P has pointed out that the US President could at least refer to himself as “the cream of the [email protected]”
Meanwhile, U.S. stocks tumbled, extending the biggest slump for the Standard & Poor’s 500 Index since 2008’s bear market, amid concern that a downgrade of the nation’s credit rating of AAA by S&P may worsen an economic slowdown.
However, US President Barack Obama has said that come what may US would not lose its AAA rating.