U.S. Put on Downgrade Watch by Moody's

Posted: Jul 13, 2011 8:27 PM

Following -- though not nearly the same level of -- Moody's downgrade of Ireland this week to "junk status," the organization has put the U.S. on a credit rating downgrade watch, reports Bloomberg News.

Bloomberg said it's the first time the U.S. has been on review since 1995.

The U.S. continues to argue about whether or not to increase the country's debt ceiling following the proposal earlier this week from Sen. Mitch McConnell. Meanwhile, the Senate Democrats have yet to pass a budget in over 800 days.