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Credit rating agency Moody's downgraded the United States' sovereign credit rating by one level on Friday (similar actions were taken by Fitch in 2023 and S&P in 2011) due to concerns about the growing $36 trillion debt of the United States. Morgan Stanley strategist Michael Zezas pointed out that short-term politically feasible fiscal measures may lead to a further expansion of the deficit without providing meaningful fiscal stimulus to the economy. Anne Walsh, Chief Investment Officer of Guggenheim Partners Investment Management, stated that without a substantial program aimed at significantly resetting spending levels in Washington, the US fiscal path is unlikely to improve significantly and said, "We are walking on an unsustainable path."