💨 Abstract

Moody's has downgraded the credit rating of the D.C. government from Aaa to Aa1, citing federal job and spending cuts as well as a declining commercial real estate market. The downgrade will increase borrowing costs for D.C., which could lose up to 40,000 federal jobs and is currently facing its own budget cuts. The D.C. Chief Financial Officer attributed the downgrade to federal decisions beyond local control.

Courtesy: wtop.com

Summarized by Einstein Beta 🤖