Biden officials reject Moody's shift to 'negative' outlook, point to Republican 'dysfunction'

Top Biden administration officials on Friday rejected a decision by Moody's ratings agency to downgrade its U.S. economic outlook to negative from stable, calling the shift a reflection of what they called "extremism and dysfunction" among congressional Republicans.

“While the statement by Moody’s maintains the United States’ AAA rating, we disagree with the shift to a negative outlook. The American economy remains strong, and Treasury securities are the world’s preeminent safe and liquid asset," Deputy Treasury Secretary Wally Adeyemo said in a statement.

White House spokesperson Karine Jean-Pierre said the change was "yet another consequence of congressional Republican extremism and dysfunction."