Further US Credit Downgrade Possible

 　　The U.S. government’s credit rating could be downgraded even further, according to the rating agency that removed the United States from a list of top-tier creditworthy nations.

　　Standard and Poor’s judgement

　　Days after Standard and Poor’s made headlines across the globe by saying the United States no longer merits its highest AAA credit rating, the firm’s managing director, John Chambers¹, says another downgrade cannot be ruled out if America’s worsening fiscal² imbalances do not improve.

　　“If the fiscal position of the United States deteriorates³ further, or if the political gridlock becomes more entrenched⁴, then that could lead to [another] downgrade.

　　Speaking on ABC’s This Week television program, Chambers put the chances of a further credit downgrade at one-in-three. But he also noted⁵ that it is possible for nations to regain⁶ their AAA rating if they demonstrate fiscal restraint over a period of years.

　　US & World's markets

　　The possibility of another downgrade can hardly reassure⁷ nervous stockholders. Even before Standard and Poor’s announcement late Friday, investors⁸ showed their willingness to sell off stocks. U.S. and other markets suffered some of their steepest losses of the year last week.

　　But market jitters⁹ stem from more than U.S. fiscal woes¹⁰, according to the head of Standard and Poor’s government debt rating unit, David Beers.

　　“A lot of what is worrying the markets is the unfolding story in Europe, and also a perception from a global economic perspective that the world economy may be slowing down," he said. "So I think the markets are reacting to a lot of factors, not just what S&P [Standard and Poor’s] said on Friday.”

　　US debt

　　The U.S. national debt stands at $14.3 trillion, the cumulative¹¹ total of annual federal deficits¹³. Last week, President Barack Obama signed a bill to raise the federal borrowing limit and shave more than $2 trillion from the deficit¹² over ten years. In the months leading up to the agreement, Democratic and Republican negotiators were unable to agree on a more ambitious, $4 trillion deficit-reduction goal, with Republicans adamantly¹⁴ opposed to any tax hikes and Democrats¹⁵ reluctant to force savings¹⁶ from costly¹⁷ programs that provide income and health care for retirees.

　　Partisan¹⁸ finger-pointing has been rampant¹⁹ in Washington in recent months, and continued after the S&P downgrade. Appearing on CBS’ Face the Nation program, top Obama political strategist David Axelrod placed the blame on the Tea Party faction²⁰ of the Republican Party. Axelrod noted that some Tea Party members of Congress refused to support any deal to raise the U.S. debt ceiling, even if doing so risked a U.S. default on its debt obligations.

　　“They played brinksmanship with the full faith and credit of the United States. This is essentially²² a Tea Party downgrade," said Axelrod. "The Tea Party brought us to the brink²¹ of a default.”

　　Not so, according to Congressman²³ Paul Ryan, chairman of the Budget Committee in the Republican-controlled House of Representatives. Appearing on Fox News Sunday, Ryan noted that the House passed a budget that would have slashed²⁴ the federal deficit by more than $5 trillion over 10 years, but that the bill was blocked in the Democratically-controlled Senate. He blamed out-of-control federal spending for the credit downgrade.

　　“It is because Washington has not gotten its fiscal house in order. We [Republicans] passed a budget.”

　　In downgrading U.S. creditworthiness, Standard and Poor’s listed Washington’s seeming inability to overcome partisan gridlock as sapping faith in the nation’s ability to confront its fiscal challenges.

　　The Obama administration has accused S&P of using faulty math in its assessment²⁵, saying the firm overestimated²⁶ the projected rise in the national debt by $2 trillion.

1 chambers   

n.房间( chamber的名词复数 )；（议会的）议院；卧室；会议厅

参考例句：

• The body will be removed into one of the cold storage chambers. 尸体将被移到一个冷冻间里。 来自《简明英汉词典》
• Mr Chambers's readable book concentrates on the middle passage: the time Ransome spent in Russia. Chambers先生的这本值得一看的书重点在中间：Ransome在俄国的那几年。 来自互联网

2 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

3 deteriorates   

恶化，变坏( deteriorate的第三人称单数 )

参考例句：

• After a few years' planting, the quality of the potato crop deteriorates. 土豆种了几年之后就会退化。
• Virus activity deteriorates in plasma stored at room temperature. 在室温下储藏的血浆中病毒活动逐渐衰退。

4 entrenched   

adj.确立的，不容易改的(风俗习惯)

参考例句：

• Television seems to be firmly entrenched as the number one medium for national advertising.电视看来要在全国广告媒介中牢固地占据头等位置。
• If the enemy dares to attack us in these entrenched positions,we will make short work of them.如果敌人胆敢进攻我们固守的阵地，我们就消灭他们。

5 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

6 regain   

vt.重新获得，收复，恢复

参考例句：

• He is making a bid to regain his World No.1 ranking.他正为重登世界排名第一位而努力。
• The government is desperate to regain credibility with the public.政府急于重新获取公众的信任。

7 reassure   

v.使放心，使消除疑虑

参考例句：

• This seemed to reassure him and he continued more confidently.这似乎使他放心一点，于是他更有信心地继续说了下去。
• The airline tried to reassure the customers that the planes were safe.航空公司尽力让乘客相信飞机是安全的。

8 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

9 jitters   

n.pl.紧张(通常前面要有the)

参考例句：

• I always get the jitters before exams. 我考试前总是很紧张。
• The whole city had the jitters from the bombing. 全城居民都为轰炸而心神不宁。

10 woes   

困境( woe的名词复数 )； 悲伤； 我好苦哇； 某人就要倒霉

参考例句：

• Thanks for listening to my woes. 谢谢您听我诉说不幸的遭遇。
• She has cried the blues about its financial woes. 对于经济的困难她叫苦不迭。

11 cumulative   

adj.累积的，渐增的

参考例句：

• This drug has a cumulative effect.这种药有渐增的效力。
• The benefits from eating fish are cumulative.吃鱼的好处要长期才能显现。

12 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

13 deficits   

n.不足额( deficit的名词复数 )；赤字；亏空；亏损

参考例句：

• The Ministry of Finance consistently overestimated its budget deficits. 财政部一贯高估预算赤字。 来自《简明英汉词典》
• Many of the world's farmers are also incurring economic deficits. 世界上许多农民还在遭受经济上的亏损。 来自辞典例句

14 adamantly   

adv.坚决地，坚定不移地，坚强不屈地

参考例句：

• "Come over here,"he told her adamantly. “到这边来，”他对她坚定地说。 来自《简明英汉词典》
• His family were adamantly opposed to the marriage. 他的家人坚决反对这门亲事。 来自《简明英汉词典》

15 democrats   

n.民主主义者，民主人士( democrat的名词复数 )

参考例句：

• The Democrats held a pep rally on Capitol Hill yesterday. 民主党昨天在国会山召开了竞选誓师大会。
• The democrats organize a filibuster in the senate. 民主党党员组织了阻挠议事。 来自《简明英汉词典》

16 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

17 costly   

adj.昂贵的，价值高的，豪华的

参考例句：

• It must be very costly to keep up a house like this.维修这么一幢房子一定很昂贵。
• This dictionary is very useful,only it is a bit costly.这本词典很有用，左不过贵了些。

18 partisan   

adj.党派性的；游击队的；n.游击队员；党徒

参考例句：

• In their anger they forget all the partisan quarrels.愤怒之中，他们忘掉一切党派之争。
• The numerous newly created partisan detachments began working slowly towards that region.许多新建的游击队都开始慢慢地向那里移动。

19 rampant   

adj.(植物)蔓生的；狂暴的，无约束的

参考例句：

• Sickness was rampant in the area.该地区疾病蔓延。
• You cannot allow children to rampant through the museum.你不能任由小孩子在博物馆里乱跑。

20 faction   

n.宗派，小集团；派别；派系斗争

参考例句：

• Faction and self-interest appear to be the norm.派系之争和自私自利看来非常普遍。
• I now understood clearly that I was caught between the king and the Bunam's faction.我现在完全明白自己已陷入困境，在国王与布纳姆集团之间左右为难。

21 brink   

n.(悬崖、河流等的)边缘，边沿

参考例句：

• The tree grew on the brink of the cliff.那棵树生长在峭壁的边缘。
• The two countries were poised on the brink of war.这两个国家处于交战的边缘。

22 essentially   

adv.本质上，实质上，基本上

参考例句：

• Really great men are essentially modest.真正的伟人大都很谦虚。
• She is an essentially selfish person.她本质上是个自私自利的人。

23 Congressman   

n.（美）国会议员

参考例句：

• He related several anecdotes about his first years as a congressman.他讲述自己初任议员那几年的几则轶事。
• The congressman is meditating a reply to his critics.这位国会议员正在考虑给他的批评者一个答复。

24 slashed   

v.挥砍( slash的过去式和过去分词 )；鞭打；割破；削减

参考例句：

• Someone had slashed the tyres on my car. 有人把我的汽车轮胎割破了。
• He slashed the bark off the tree with his knife. 他用刀把树皮从树上砍下。 来自《简明英汉词典》

25 assessment   

n.评价；评估；对财产的估价，被估定的金额

参考例句：

• This is a very perceptive assessment of the situation.这是一个对该情况的极富洞察力的评价。
• What is your assessment of the situation?你对时局的看法如何？

26 overestimated   

对（数量）估计过高，对…作过高的评价( overestimate的过去式和过去分词 )

参考例句：

• They overestimated his ability when they promoted him. 他们提拔他的时候高估了他的能力。
• The Ministry of Finance consistently overestimated its budget deficits. 财政部一贯高估预算赤字。