The Moody’s ratings agency downgraded U.S. creditworthiness on Friday from the triple-A category to double-A, as Republicans work to pass a massive tax-and-spending cut bill that would add nearly $4 trillion to the federal deficit.

The downgrade follows a change in the outlook on the sovereign in 2023 due to wider fiscal deficit and higher interest payments, and comes as Congress debates tax and spending plans that could deepen the fiscal hole.

The U.S. was stripped of its last top credit rating by Moody’s Ratings, reflecting deepening concern that ballooning debt and deficits will damage America’s standing as the preeminent destination for global capital and increase the government’s borrowing costs.