Standard and Poor's downgrades US to AA+

[Riot]

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The U.S. government reportedly expects the rating of U.S. debt to be downgraded by credit rating agency Standard and Poor's, according to ABC News. U.S. debt currently holds a triple-A credit rating, the highest possible.

On Tuesday, President Barack Obama signed an agreement to raise the debt ceiling of the U.S., after a political dispute that lasted for months.

UPDATE 7:10 p.m.: S&P is reconsidering its position on a potential U.S. credit downgrade after the Obama administration challenged the credit rating agency's economic model, CNN reports, citing a senior Obama Administration official, who said the analysis was off by "trillions" of dollars.

Politico's Ben White tweets the supposed errors are said to display "incompetence."

UPDATE 8:19 p.m.: S&P downgrades U.S. credit rating to AA+ with negative outlook, Reuters reports.

This is a developing story.

Thank you, Republicans in the House, for your terrible, incompetent "trickle down" "Reaganomics" fiscal policies, playing around with the fake "debt ceiling crisis" for a month, while you've done nothing at all since your election in January to address the real problem of this country, jobs and growth.