US Faces Possible Credit Rating Downgrade

 　　U.S. President Barack Obama and Congress are engaged in an intense rush to settle on a plan to raise the country’s borrowing limit beyond the current total of more than $14 trillion.  It is an effort aimed at averting¹ a possible default on the country’s financial obligations, something that might occur as early as next Tuesday.  Underlying those negotiations² is the fear that even if the debt limit is increased, the country faces the prospect³ that its top-level credit rating might be downgraded.

　　Most financial analysts⁴ and government officials say that in the next few days the president and the congressional lawmakers will reach an agreement on the debt limit.  But experts also are looking at how much government spending Mr. Obama and Congress are willing to cut during the next decade.  That could be a key point in whether any of the three major private credit rating agencies - Standard & Poor’s, Moody’s or Fitch - might cut the country’s AAA credit standing⁵.

　　If the country’s rating is downgraded, that could increase the borrowing costs for the government, perhaps by as much as $100 billion a year.  It also might lead to higher interest rates for consumers.  That, analysts warn, would inhibit⁶ the country’s economic recovery.

　　Standard & Poor’s says it is looking for the U.S. government to cut its spending by $4 trillion during the next decade.  In recent weeks, the president and House of Representatives Speaker John Boehner sought to forge a deal to cut that much, but those talks collapsed⁷ as factions⁸ in both Mr. Obama’s Democratic Party and Boehner’s Republican Party objected to various provisions being considered.  Now, the current debt limit plans Congress is considering would cut spending by a maximum of $3 trillion.

　　Whether a cut of that size would be sufficient for the United States to keep its top-level credit rating is unknown.

　　Standard & Poor’s President Deven Sharma was non-committal on Wednesday at a hearing on Capitol Hill.  He declined to comment on any of the plans being considered.

　　"We're waiting to see what the final proposal is, for our sovereign analysts to really analyze⁹ it more currently," said Sharma. "We are just commenting on what is the level of debt burden, what is the level of deficit¹⁰ that must meet the threshold to retain a AAA [rating].”

　　Sharma said that even if America's credit rating is downgraded, it would not mean his company thinks the United States is about to default on its financial obligations, something that has never happened.

　　"All it means is there is a low probability, a very low probability of a default," he said. "That's all it means.  And if you change the rating, it means that the risk level has gone up.  It doesn't mean it's going to default.  If you believe that, they would change it to a default status."

　　As the August 2 debt default deadline nears, analysts say that much of the discussion among lawmakers and President Obama will likely center on how much the debt limit will be increased.  But perhaps the bigger question is whether the country’s credit rating will remain where it has always been - at the very top.  It might take weeks for the answer to that question.

1 averting   

防止，避免( avert的现在分词 )； 转移

参考例句：

• The margin of time for averting crisis was melting away. 可以用来消弥这一危机的些许时光正在逝去。
• These results underscore the value of rescue medications in averting psychotic relapse. 这些结果显示了救护性治疗对避免精神病复发的价值。

2 negotiations   

协商( negotiation的名词复数 )； 谈判； 完成（难事）； 通过

参考例句：

• negotiations for a durable peace 为持久和平而进行的谈判
• Negotiations have failed to establish any middle ground. 谈判未能达成任何妥协。

3 prospect   

n.前景，前途；景色，视野

参考例句：

• This state of things holds out a cheerful prospect.事态呈现出可喜的前景。
• The prospect became more evident.前景变得更加明朗了。

4 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

5 standing   

n.持续，地位；adj.永久的，不动的，直立的，不流动的

参考例句：

• After the earthquake only a few houses were left standing.地震过后只有几幢房屋还立着。
• They're standing out against any change in the law.他们坚决反对对法律做任何修改。

6 inhibit   

vt.阻止，妨碍，抑制

参考例句：

• Don't let ego and greed inhibit clear thinking and hard work.不要让自我和贪婪妨碍清晰的思维和刻苦的工作。
• They passed a law to inhibit people from parking in the street.他们通过一项法令以阻止人们在街上停车。

7 collapsed   

adj.倒塌的

参考例句：

• Jack collapsed in agony on the floor. 杰克十分痛苦地瘫倒在地板上。
• The roof collapsed under the weight of snow. 房顶在雪的重压下突然坍塌下来。

8 factions   

组织中的小派别，派系( faction的名词复数 )

参考例句：

• The gens also lives on in the "factions." 氏族此外还继续存在于“factions〔“帮”〕中。 来自英汉非文学 - 家庭、私有制和国家的起源
• rival factions within the administration 政府中的对立派别

9 analyze   

vt.分析，解析 (=analyse)

参考例句：

• We should analyze the cause and effect of this event.我们应该分析这场事变的因果。
• The teacher tried to analyze the cause of our failure.老师设法分析我们失败的原因。

10 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。