The Moody’s ratings agency downgraded U.S. creditworthiness on Friday from the triple-A category to double-A, as Republicans work to pass a massive tax-and-spending cut bill that would add nearly $4 trillion to the federal deficit.

Moody's recent downgrade of the US credit rating from AAA to Aa1 marks the culmination of a decade-long process influenced by fiscal and political factors.

Moody's Ratings has downgraded the Government of United States of America's (US) long-term issuer and senior unsecured ratings to Aa1 from Aaa.