Facing the threat of a downgrade from AAA status one year ago, the U.K. chose to take steps to...

|By:, SA News Editor

Facing the threat of a downgrade from AAA status one year ago, the U.K. chose to take steps to retain that rating. The cost - at least in the short term - is sluggish growth. The U.S. is also about to face austerity - either enforced by the government or a bond-market crisis.