The Bush administration said it was confident Wednesday that the United States would be able to maintain its top-notch credit rating even as the government scrambles to find new ways of expanding debt sales to cope with soaring budget deficits.
“It is a huge advantage to have that AAA-rating and we are committed to that,” Anthony Ryan, Treasury’s acting undersecretary for domestic finance, told reporters. Ryan spoke as he unveiled
plans for financing $171 billion in borrowing during the current July-September quarter, the second highest total on record.
Those borrowing needs have exploded this year. The government has been coping with a sagging economy and the need to finance more than $90 billion in economic stimulus payments made over the past three months to people as it tries to stave off a deep recession.
Those problems are occurring while global financial markets have been roiled by reports of multibillion-dollar losses by giant banks and investment houses, reflecting soaring losses on mortgage debt.