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Kirk warns of S&P rating of U.S. government

Illinois Republicans say the United States needs to change its economic policies. The credit agency Standard & Poor warns the U.S. government could lose its top credit rating in the next two years if lawmakers don't make a long-term plan to lower the deficit.

U.S. Sen. Mark Kirk, R-Illinois, said the country's credit rating could hurt local businesses. He said foreign banks could think there is more risk doing business with American companies and the banks could raise rates.

"This is an official warning call to the American government and the American people that we have to change course," Kirk said.

Kirk said the U.S. should learn from European countries whose governments suffered from an economic crisis,  like Greece and Ireland.

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