Updated Saturday, July 4, 2015 as of 4:48 PM ET

U.S. Debt Downgrade Would Affect Insurers, Banks: S&P

Bond investors have been put on notice by rating agency Standard & Poor's that it is not just the U.S. sovereign debt rating that is in jeopardy because of the ongoing wrangling in Washington over raising -- or not raising -- the federal debt ceiling and, especially, whether or how lawmakers cut the government’s massive and ever-growing deficit.

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