Moody’s downgraded the U.S. credit rating on Friday, citing rising debt, growing interest payments, and inadequate revenue, marking the last major rating agency to strip the U.S. of its top-tier status.

The move, seen as a blow to the Trump administration, comes amid GOP debates over extending Trump’s 2017 tax cuts and growing fiscal deficits.

Moody’s warned that current proposals won’t reverse long-term budget problems.

The White House blamed Biden-era spending, while Democrats criticized Trump’s tax plans as fiscally reckless, Politico has reported.

The downgrade could lead to higher borrowing costs for the U.S. government.

Written by B.C. Begley