“Because the U.S. has, relative to its ‘AAA’ peers, what we consider to be very large budget deficits and rising government indebtedness and the path to addressing these is not clear to us, we have revised our outlook on the long-term rating to negative from stable,” the agency said in a statement.

The S&P said the move signals there’s at least a one-in-three likelihood that it could lower its long-term rating on the United States within two years.

The U.S. dollar fell broadly on word of the revision. Gold prices, meanwhile, hit a new record above $1,496 an ounce.