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Fitch Places United States’ ‘aaa’ On Rating Watch Negative

United States Steel Corp. Now Covered by Credit Suisse (X)

– The ‘AAA’ rating also reflects the halving of the federal budget deficit since 2010, which is now approaching a level consistent with debt stabilisation. The Budget Control Act passed in August 2011 implied significant fiscal consolidation and Congress and the Administration have adhered to the automatic spending cuts – the sequester – specified under the Act in the absence of agreement on an alternative and equivalent set of deficit-reduction measures. In addition, the passage of the American Taxpayer Relief Act on 1 January 2013, which implied a tax increase of more than USD600bn, has also contributed to the deficit reduction effort. – Fitch’s medium-term fiscal projections imply federal and general government (which includes states and local governments) gross debt stabilising next year and over the remainder of the decade at around 72% and 104% of GDP, respectively. This is below the 80% and 110% thresholds that Fitch previously identified as being inconsistent with the U.S. retaining its ‘AAA’ status. – Nevertheless, public debt stabilisation at such elevated levels still render the US economy and public finances vulnerable to adverse shocks and in the absence of additional spending reform and revenue measures, deficits and debt will begin to rise again at the end of the decade. The U.S. is the most heavily indebted ‘AAA’ rated sovereign, with a gross debt ratio equivalent to double that of the ‘AAA’ median. RATING SENSITIVITIES The RWN reflects the following risk factors that may individually or collectively result in a downgrade of the ratings: – Failure by the government to honour interest and/or principal payments on the due date of U.S. Treasury securities would lead Fitch to downgrade the U.S.

The stock had a trading volume of 4,871,236 shares. United States Steel Corp. has a 52 week low of $15.80 and a 52 week high of $26.29. The stocks 50-day moving average is $20.50 and its 200-day moving average is $18.56. The companys market cap is $3.462 billion. United States Steel Corp. also saw some unusual options trading on Tuesday. Stock investors acquired 25,917 call options on the stock. This represents an increase of 112% compared to the typical volume of 12,209 call options. United States Steel Corp. (NYSE:X) last posted its quarterly earnings results on Tuesday, July 30th. The company reported ($0.54) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.77) by $0.23. The company had revenue of $4.43 billion for the quarter, compared to the consensus estimate of $4.61 billion. During the same quarter in the prior year, the company posted $0.69 earnings per share.

SS United States: When Washington Got Things Done

The SS United States seen from the upper windows of the South Philadelphia IKEA. (Credit: SS United States Conservancy)

She was the epitome of her namesake nation on the high seas. On her maiden voyage she shattered speed records across the Atlantic. Those records are still unbroken. When President Kennedy challenged us to go to the moon before the 1960s came to a close, Americans and their government rallied to the cause. That doesnt mean there wasnt doubt and dissention. Debate is part of our system. But we drove hard to achieve an historic goal for our nation and humanity that has not been duplicated. Its hard to imagine such lofty accomplishments emerging from todays Washington. Today, with the Space Shuttle fleet a series of museum exhibits, we wonder if our quest for bold innovation has permanently taken a back seat to special interest politics and partisan gridlock. The Obamacare and debt ceiling debates is a sideshow to the larger problem of government dysfunction that is impacting Americans faith and confidence in the system. Some blame Republicans, some the Democrats, still others the Tea Party or Liberal ideologues.