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Subscribe to RSSThe nation's AAA credit rating will likely stay put no matter what the outcome of the Deficit Supercommittee later this month, according to a report released today by the ratings agency Moody's.
On Aug. 2nd, just days before S&P's downgrade of the nation's credit rating from AAA to AA+, Moody's confirmed it's AAA rating but assigned it a negative outlook.
According the Moody's report, due to the fact that the nation's deficit will be reduced both if the Supercommittee reaches an agreement or not, Moody's does not anticipate any change in their credit rating of the U.S.
"Agreement by the Joint Select Committee and the Congress as a whole on a larger amount of deficit reduction would be favorable,” the report states, “but the smaller amount triggered by the spending caps is still a step in the same direction. Thus, the committee outcome will not necessarily lead to any change in our rating stance."
According to the Budget Control Act passed in August, if the Supercommittee does not come to an agreement on at least $1.2 trillion in deficit reduction by Nov. 23rd, an automatic "trigger" will result in almost a $1 trillion in automatic cuts to programs such as defense and entitlements.
The Moody's report will likely come as a relief to Supercommittee members, who are scheduled to hear a dire warning from former Sen. Alan Simpson and Erskine Bowles during an open congressional hearing today. According to prepared testimony, the two plan to warn the Supercommittee that "a failure by this committee might result in another downgrade."
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What, no downgrade?
Then I guess the GOP/TP haven't done there job of making the country fail yet.
They'll have to work harder going forward.
Tom-- They're trying. Give them more time. Totally screwing this country takes time. I'm sure they have a plan.
I think we can count on them.
Tom, Tamarac, FL
What, no downgrade?
Then I guess the GOP/TP haven't done there job of making the country fail yet.
They'll have to work harder going forward.
Tom,
You took the words right out of my mouth. Republicans still are stupid enough to think the voters will reward them for wrecking the economy.
But it's too late.
The Occupy Wall Street demonstrations have helped shift media coverage away from conservative concerns about the federal debt and deficit to the more progressive (and important) issues of unemployment and unequal income distribution.
I'm sure the Republicans will find some non-issue to shut down the government over again shortly.
I wish Republicans would take a step back, look at things and decide that their core belief, that Government is bad and doesn't work, is not quite right.
Their belief should be, "Government is bad and doesn't work WHEN WE ARE IN CHARGE."
Big difference.
At least the GOP isn't wasting its time on some phony non issue like the war on xmas. Oh, wait, the House of Representatives is discussing what today?
House Republicans on Tuesday will try to pass a resolution reaffirming that “In God We Trust” is the national motto of the United States.
Oh good lord, these people are fools.
Isn't this giving them all a pass on doing the hard work required to negotiate a deal? Man your own trenches and don't worry about anything else, right?
Skip the hard work, let the default option trigger, pass a bill to reverse any cuts not agreeable to one side and it's back to business as usual. Too funny and we pay them to play games all day.
Political cover comes pretty cheap these days and I hope I am wrong here.
The pathetic talking point that the President in office for 3 years is not responsible for anything, because he is helpless and powerless before the GOP House, smacks of desperation.
Standard & Poor's weigh in yet?
You took the words right out of my mouth. Republicans still are stupid enough to think the voters will reward them for wrecking the economy.
Really now.....it was the REPUBLICANS that insisted on the triggers and spending caps. Everyone knows the debt commission will not come to agreement on any substantial spending cuts.
The republicans just saved us from a downgrade! If you can see that you are BLIND!
Republicans won't be happy till they have destroyed our credit rating, the ranks of the college educated, the Affordable Healthcare Act, and the planet.
And Romney wants us all to be renters.
Let the foreclosures take their course and let the rich buy it up cheap and rent it back to us three fold.
Amy, your hyperbole is rising to new absurd heights every day.
"The Affordable Healthcare Act"...so you got the new talking point, not to say "Obamacare" anymore...
No matter what stupid acronym is used, it is still unpopular, unaffordable and a disaster.
Tom---Do the Republicans really think that they can go on like this? Even most of the Tea Party wants to raise taxes by a small increment on the rich. These guys are so out of step with the American people, it boggles my mind.
I don't mind calling it Obamacare, because Obama does care. Unlike the Republicans who can't be bothered to make sure every American has access to affordable health insurance. (LIKE THE REST OF THE CIVILIZED WORLD.)
Tom you are correct. And don't forget they may get a 10 year tax favor to help them buy up these homes.
Truly disgusting investors need a hand out of taxpayer dollars to invest. Unbelievable the effrontery displayed for all to see.
Bob-1887910
Amy, your hyperbole is rising to new absurd heights every day.
"The Affordable Healthcare Act"....so you got the new talking point, not to say "Obamacare" anymore...
No matter what stupid acronym is used, it is still unpopular, unaffordable and a disaster.
Booby-trap,
Your comment is an insult to people who have died and will die due to lack of insurance as well as those who have gone into bankruptcy due to unaffordable medical bills.
Medical bills prompt more than 60 percent of U.S. bankruptcies
HEALTH INSURANCE
June 05, 2009
http://articles.cnn.com/2009-06-05/health/bankruptcy.medical.bills_1_medical-bills-bankruptcies-health-insurance?_s=PM:HEALTH
Show some Respect.
I would call that extreme.....sounds alot like George Carlin of the 1970's "Warp your mind, curl your spine, and lose the war for America." Everyone needs to get off the blame game. It only serves to divide us and distract us from what is really of issue. I don't think that anyone in their right mind wants to pay higher taxes, when our government has been such poor stewards of the money we have already given them in taxes. I think that everyone wants to see value for their dollars. It doesn't seem, despite all the money already being spent, that our children are doing any better in school, that we have new schools and libraries for the public good, that public transportation is both available and affordable, and despite the health care package....I have only seen my health costs go up? Is that how it is supposed to be? Those of us who pay for our insurance, and pay for our co-payments, and pay for our prescriptions....we get to pay more so that more people do not pay at all???? That is certainly not bang for my tax dollar.
There is now no question that the American economy has been shredded by the forces of austerity. The anti-growth agenda of the Republican Party has killed millions of jobs an stalled the recovery. We will not become prosperous again until these inept lawmakers are sent packing. The American Dream has been grievously wounded thanks to political pandering to the corporate elite and a disregard for the ordinary worker Americans that drive our country. http://www.sunstateactivist.org
Thankfully, the republicans insisted on triggers as we know full well the debt commission ain't gonna get anything done.
If not for the republicans neutering president 1% we would all be screwed!
Is there a translator who speaks Robbing ma and pa?
Um, thanks for not re-rattling our already-shaky economy by twiddling your less-than-reliable ratings, I think?
On year from today we will have the opportunity to fire the President. Every day brings more news of economic disaster, and every day the supporters of the President look somewhere else to pin the 'blame'. He is our PRESIDENT! He has been in the White House for THREE YEARS! He got everything that he wanted from the prior congress, including 'Obamacare'. The catastophic results of his actions and policies are there - every day - for all to see. I know many of you love this guy, but he needs to go back to Chicago to fulfill his dream as a game show host. Then he could be on TV - you could all see him every day - and the adults can take over the finances of the country.
Hey Jonathan all you teatards, biethers, religious fanatics, flat earthers, mindless dittoheads, Fox noise cultist and all around anti American Republicans, get used to Obama because he's not leaving office until January 2017. And if your Republicans filed a similar collection of worthless candidates such as Slick Rick Perry, Pizza Man Cain, Flip-flop Romney, washed up has been never was Newt and insane whacko Bachmann for 2016 like you have for 2012, a Democrat will win that time around too.
Please don't send him back to Chicago, as the court docket is already filled with the "political elite" The FBI investigates, and then charges, and the court hijinks drag on while "Romeoville Burns!: Isn't there some other city he could mismanage, one that isn't already a financial Beirut?
Sorry Republicans -- as much as you tried, you FAILED again.