January 2nd, 2013
03:25 PM ET
8 years ago
U.S. credit ratings test is yet to come
London (CNNMoney) - Credit rating agencies are likely to hold off passing judgment on the U.S. credit rating until they have a clearer picture about the fate of the debt ceiling and longer term plans to reduce borrowing.
The New Year fiscal cliff agreement between the White House and Congress raised taxes on the richest Americans but postponed much of the toughest political wrangling on automatic spending cuts for another two months.
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Surely the Tea Party Republicans can do something again to cause a reduction in America's rating. Maybe they could take another pledge – this time pledging to just sit in their chairs and chant sound-bites from Fox News. Wait... they've already done that...
All I know is this, had the American voters not put the Tea Party in control of the House for another two years, then the Nobel Committee would have given them another Nobel and asked Pres. Obama to pick it up.
Explain to me why the House GOP thinks they can withhold increasing the debt ceiling as a "leveraging position"?
Explain to me the horror and financial collapse that occurred the last time our rating slid from AAA?
Oh wait, seems more folks bought our debt and actually LOWERED the interest yield!
Yep. That will be a pretty big stick the GOP will be weilding to make President O cave to their will.
I predict he will simply shrug, say let's default, and mutter under his breath, "BFD".
Then and only then, will Boehner and his bagger crew understand they are so screwed!
There is NO WAY to add another 4 trillion to the deficit and maintain the current credit rating. Not POSSIBLE!
Rick McDaniel wrote:
There is NO WAY to add another 4 trillion to the deficit and maintain the current credit rating. Not POSSIBLE!
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Sure, you can. Just like you can cut 4 trillion in taxes and balance the budget.
Rudy NYC
Rick McDaniel wrote:
There is NO WAY to add another 4 trillion to the deficit and maintain the current credit rating. Not POSSIBLE!
------
Sure, you can. Just like you can cut 4 trillion in taxes and balance the budget.
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And Obama has no plans to do either of those. In fact, he's opposed both options.
Rudy NYC
Rick McDaniel wrote:
There is NO WAY to add another 4 trillion to the deficit and maintain the current credit rating. Not POSSIBLE!
------
Sure, you can. Just like you can cut 4 trillion in taxes and balance the budget.
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The last time the credit rating was lowered it was because House Tea Party Republicans were threatening not to pay the bills we'd already incurred. Due to their hostage-taking political stunt the S&P lost some faith in our ability to govern.