Standard and Poor's credit rating agency is warning that the United States is facing a growing risk of another recession.

S&P said the economy has weakened sharply from earlier this year.

The group is also warning of the following potential threats to the economy:

• The European debt crisis
• Government spending cuts
• A tax increase at the beginning of next year
• A weak economy in China

Despite the warning, S&P predicts the United States will probably avoid a recession. But it does not expect any improvement in the economy next year.