Moody's on Monday downgraded the long-term ratings of top American lenders such as JPMorgan Chase , Bank of America and Wells Fargo , after pushing the U.S. out of top triple-A rating club over its burgeoning $36 trillion debt.

Investors sold stocks and bonds after Moody’s downgraded the U.S. credit rating, potentially complicating negotiations around Republicans’ tax plan.

Investors sold U.S. government bonds and the dollar on Monday amid concerns about the U.S. fiscal picture. Stocks edged higher.

Moody’s gave the U.S. a negative outlook—but markets didn’t flinch. This isn’t about default. It’s about trust, and why credibility erosion is the real risk.

After the United States lost its last perfect credit rating on Friday, Republicans and Democrats responded by pointing fingers at each other.

U.S. stocks are drifting lower and U.S. bonds are falling more sharply following the latest reminder that the U.S. government seems to be hurtling toward an unsustainable mountain of debt.