July 13, 2011 / 9:21 PM / 6 years ago

Moody's warning shows Congress needs to act-Treasury

WASHINGTON, July 13 (Reuters) - Moody's Investor Service's warning that the U.S. risks losing its top-notch credit rating is a "timely reminder" of the need for congressional action to avoid a U.S. debt default, a Treasury Department official said on Wednesday.

"Moody's assessment is a timely reminder of the need for Congress to move quickly to avoid defaulting on the country's obligations and agree upon a substantial deficit reduction package," Treasury Under Secretary for Domestic Finance Jeffrey Goldstein said in a statement.

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