Moody's and Standard and Poor's Urge U.S. to Tackle Budget Deficit

Fiscal cliff bill not enough

US politicians have been urged to do more to sort out the budget by the two largest credit rating agencies.

The warning comes despite the US narrowly agreeing a deal to stave off the US "fiscal cliff" of spending cuts and tax rises worth $600bn (£370bn).

Rating agency Moody's said lawmakers would need to take additional steps to lower the ballooning budget deficit.