S&P Sends Debt Warning To U.S., France, Other Economies

The US, France and major economies are unlikely to halt the increases in their debt levels in the next few years, credit rating firm S&P Global warned, Marc Jones reported for Reuters.

The assessment comes ahead of upcoming elections in the US, Britain, and France where governments are pledging to improve economies, social services, and voters' daily lives.

The assessment comes ahead of upcoming elections in the US, Britain, and France where governments are pledging to improve economies, social services, and voters' daily lives.

"We estimate that --for the US, Italy, and France-- the primary balance would have to improve by more than 2% of GDP cumulatively for their debt to stabilize; this is unlikely to happen over the next three years," S&P said in a report.

"In our view, only a sharp deterioration of borrowing conditions could persuade G7 governments to implement more resolute budgetary consolidation at the present stage in their electoral cycles," the rating agency added.