U.S. debt crisis to affect Canada
No matter what happens in Washington, it’s not good news for Canada.
Economists say our country likely faces slower growth, considering Washington could end up slashing up to $4 trillion in spending over the next decade.
That will hit Canada because most of our exports, such as cars, auto parts, lumber, oil and gas, go to the U.S.
Less demand for those products will mean fewer jobs on this side of the border.
But Moody’s Investor Services Thursday renewed Canada’s debt rating at triple-A, the highest possible.
The firm said the AAA rating was warranted due to the country’s high degree of economic resiliency, efforts by Ottawa and the provinces to deal with their debt ratios over the coming years and other factors.
