The top official behind Standard & Poor's historic decision on Friday to downgrade the United States' prized triple-A credit rating said it was his company's duty to make such a hard and controversia

Finance Minister Pranab Mukherjee today described the downgrading of the US government by credit rating agency as a '"grave situation' and said it has to be analysed.

"We will have to analyse i

China, the largest holder of US debt, on Saturday demanded that the US set itself on a corrective course to cure its ‘addiction’ to debts following an unprecedented downgrade by credit rating agency S

The US economy stagnated in the first half of 2011, official data showed on Friday, raising new recession alarms as political gridlock over deficits leads the country to the brink of a debt default.

President Barack Obama on Friday warned the United States was 'almost out of time' to agree a deal to raise the nation's debt ceiling, insisting that a compromise was within reach.

"This is not a sit

The prospect of President Barack Obama being tarred with the once unthinkable loss of the country's triple-A debt rating loomed ever closer on Thursday as politicians remained deadlocked in a battle o

American businesses, from Wall Street banks to major industrial corporations, are preparing contingency plans for a pair of once-unthinkable events: the United States defaulting on its debt and the lo