Markets Plunge; S&P, US Spar Over Rating Cut

 　　Global financial markets continue to drop sharply in reaction to an unprecedented¹ downgrade of the U.S. government's credit rating and lingering concerns about European debt problems and global economic growth.

　　In early Asia trading Tuesday, Japan's Nikkei index was down almost 4 percent, and Seoul's KOSPI index was down 4.4 percent.

　　On Wall Street Monday, the index that measures broad U.S. stock market activity, the S&P 500, was down almost 7 percent.  Major indexes across Europe were down by 3 to 5 percent.

　　Monday's trading sessions were the first chance for most investors² to react to the change in the Standard & Poor's rating, which was announced Friday evening after world markets had closed.  U.S. government debt is now rated "AA+," one level below the highest possible rating of "AAA."

　　U.S. President Barack Obama said he disagrees with the S&P downgrade, but that he hopes it will prompt lawmakers in Washington to agree on what he called a balanced approach to debt and deficit³ reduction - including higher taxes for the wealthy and cuts in spending on social programs.  Mr. Obama said the financial markets "continue to believe our credit is AAA."

　　Meanwhile, an aide to the Senate Banking⁴ Committee says the panel is looking into S&P's decision to downgrade the U.S. rating.  The aide, speaking on condition of anonymity⁵, said the panel is gathering⁶ information, but did not say a formal investigation⁷ was under way.  Committee Chairman Tim Johnson issued a statement saying the downgrade is an "irresponsible move" that could have a far-reaching impact.

　　S&P held a conference call Monday to defend its decision to downgrade the United States.  Managing Director John Chambers⁸, head of the committee that made the ratings decision, said increasing debt levels in the United States and the inability of Congress and the president to reach political consensus⁹ for significant deficit reductions were "no longer comparable with the most highly rated governments."

　　The U.S. central bank (Federal Reserve) will hold a regularly scheduled meeting in Washington beginning Tuesday, but no major changes in its monetary¹⁰ policy are expected.

　　U.S. Treasury¹¹ Secretary Timothy Geithner says the S&P used "terrible judgment¹²" when it downgraded the U.S. credit rating.  Geithner says the S&P showed a "stunning¹³ lack of knowledge" about the mathematics used to draw up a federal budget.

　　In Europe, markets in Italy and Spain rose sharply  after the European Central Bank said it would buy government bonds from both countries in an effort to calm fears about the eurozone debt crisis.  But other major European markets lost ground.

　　Geithner said the United States has a very resilient and strong economy.  He said U.S. treasuries¹⁴ are an absolutely safe investment and that there is no risk of the United States not being able to meet its obligations.

　　The other two major credit rating agencies - Moody's and Fitch - have so far kept the U.S. AAA rating.

　　S&P blamed Congress for months of political haggling¹⁵ over a deficit reduction deal that S&P says does not go far enough.  The deal calls for cutting the deficit by more than $2 trillion over 10 years.  S&P called for $4 trillion in savings¹⁶.

1 unprecedented   

adj.无前例的，新奇的

参考例句：

• The air crash caused an unprecedented number of deaths.这次空难的死亡人数是空前的。
• A flood of this sort is really unprecedented.这样大的洪水真是十年九不遇。

2 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

3 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。

4 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

5 anonymity   

n.the condition of being anonymous

参考例句：

• Names of people in the book were changed to preserve anonymity. 为了姓名保密，书中的人用的都是化名。
• Our company promises to preserve the anonymity of all its clients. 我们公司承诺不公开客户的姓名。

6 gathering   

n.集会，聚会，聚集

参考例句：

• He called on Mr. White to speak at the gathering.他请怀特先生在集会上讲话。
• He is on the wing gathering material for his novels.他正忙于为他的小说收集资料。

7 investigation   

n.调查，调查研究

参考例句：

• In an investigation,a new fact became known, which told against him.在调查中新发现了一件对他不利的事实。
• He drew the conclusion by building on his own investigation.他根据自己的调查研究作出结论。

8 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

9 consensus   

n.(意见等的)一致，一致同意，共识

参考例句：

• Can we reach a consensus on this issue?我们能在这个问题上取得一致意见吗？
• What is the consensus of opinion at the afternoon meeting?下午会议上一致的意见是什么？

10 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

11 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

12 judgment   

n.审判；判断力，识别力，看法，意见

参考例句：

• The chairman flatters himself on his judgment of people.主席自认为他审视人比别人高明。
• He's a man of excellent judgment.他眼力过人。

13 stunning   

adj.极好的；使人晕倒的

参考例句：

• His plays are distinguished only by their stunning mediocrity.他的戏剧与众不同之处就是平凡得出奇。
• The finished effect was absolutely stunning.完工后的效果非常美。

14 treasuries   

n.（政府的）财政部( treasury的名词复数 )；国库，金库

参考例句：

• Yields on Treasuries, Bunds and gilts can remain at historically low levels. 美国国债、德国国债和英国国债的收益率仍然可以维持在历史低位。 来自互联网
• Treasuries and gold rose in response but the dollar fell sharply. 接着，国债和黄金的价格上涨，而美元价格则猛跌。 来自互联网

15 haggling   

v.讨价还价( haggle的现在分词 )

参考例句：

• I left him in the market haggling over the price of a shirt. 我扔下他自己在市场上就一件衬衫讨价还价。
• Some were haggling loudly with traders as they hawked their wares. 有些人正在大声同兜售货物的商贩讲价钱。 来自辞典例句

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。