Ratings agency Standard & Poor's served notice that it planned to downgrade the U.S. government's AAA credit rating but is reconsidering, a senior Obama administration official said.
The official said the agency acknowledged some errors after the administration challenged S&P's analysis of the government's revenue and deficit picture.
The source, a senior official involved in the discussions, insisted the agency was off by "trillions" in its economic model.
The AAA rating enables nations to borrow funds at lower costs because their governments are considered stable and their bonds safe.
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