Treasury Secretary Scott Bessent on Sunday dismissed Moody's downgrade of the U.S. sovereign credit rating, saying the Trump administration would ensure U.S. economic growth outpaced its debt and pointing to recent pledges of Middle East investment.

The credit rating of the United States received a potentially costly downgrade on Friday, as the ratings firm Moody’s determined that the government’s rising debt levels stood to grow further if Republicans enact a package of new tax cuts.

By David Morgan and Bo Erickson WASHINGTON (Reuters) -Hardline Republicans in the U.S. House of Representatives blocked President Donald Trump's sweeping tax bill on Friday over concerns it did not do enough to cut spending hours before Moody's stripped the federal government of its once top-tier credit rating.