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President Barack Obama's former economic advisor today warned of a new recession plaguing the American economy, even as he attacked the S&P's track record, which has downgraded country's credit rating from AAA to AA+.
"S&P's track record has been terrible, and as we have seen this weekend, its a arithmetic is worse. So, there's nothing good to say about what they've done," Larry Summers, the former economic advisor to US President Barack Obama, told CNN in an interview.
"But that's not the large issue here. The large issue here is that the House majority played chicken with America's credit worthiness, and America's families are going to be the losers, losers in terms of higher interest rates on their mortgages, losers in terms of what this is going to mean for employment, that we've got critical economic problems," he said.
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