BOSTON ( TheStreet) -- Standard & Poor's, which sent global stock markets into a tailspin with its unprecedented downgrade of U.S. government debt Friday, says there may be more turmoil if political leaders don't meet their debt-reduction plans in time.Failure to hammer out a mutual agreement and a timetable to implement it could lead to additional market losses and higher borrowing costs of everything from books for a regional school district in Nebraska to the price of a General Dynamics (GD) F-16 fighter jet for the Navy. There could also be unpredictable fiscal austerity measures at all levels of government that often lead to contentious battles among politicians and their constituents. S&P made its remarks in a conference call Wednesday.
S&P: Losses Could Pile Up on Debt Standoff
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