Financial ratings firm Moody’s Ratings downgraded the U.S. government’s credit ratings Friday, citing its rising debt and interest in a move that underscores a ballooning federal budget deficit, making it the last of the big three firms to downgrade the government’s credit.

Moody's had been a holdout in keeping U.S. sovereign debt at the highest credit rating possible, and brings the 116-year-old agency into line with its rivals.

The downgrade, from the highest rating to one notch below, comes as the president’s budget bill suffered a blow in Congress. Republican budget hawks joined Democrats earlier Friday to block the package — known as the One Big Beautiful Bill Act.