Rating agency Moody’s downgraded the US from Aaa to Aa1 with a stable outlook, citing rising US debt and costs to the federal budget.

“Successive US administrations and Congress have disagreed on measures to reverse the trend of large annualized budget deficits and rising borrowing costs. We do not believe that spending and deficit reductions can be achieved in the budget bill currently under discussion,” Moody’s noted, referring in particular to the tax cuts promoted by US President Donald Trump.