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Monday, April 18, 2011

Warning Shot Across Bow of U.S. Credit Rating

This morning Standard & Poors downgraded the outlook for the United States credit rating to negative. The heat on Washington to get their fiscal act together on the budget deficit has been turned up. The Standard & Poors downgrade official means they believe that there is a one in three chance (33%) that the U.S. will lose its AAA rating within two years. Maybe this move shakes up the debate on the budget in favor of more austerity. Will Washington take meaningful action before 2013? One observer called it "amateur hour" in Washington, that's the bottomline.

Slope of Hope:
Something Bernanke Can't Control --

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CNBC: 
S&P Affirms US AAA Rating, Cuts Outlook to Negative  —  Standard & Poor's on Monday downgraded the outlook for the United States to negative, saying it believes there's a risk U.S. policymakers may not reach agreement on how to address the country's long-term fiscal pressures...
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ZeroHedge:
Did The S&P Downgrade Warning Just Make A Debt Ceiling Compromise Even More Difficult? -- Basically expect more posturing from both sides of the aisle, which ironically may merely lead to a cementing of intractable positions, and kick the can so far down the street that not even S&P can see where it lands: a non-compromise compromise that the Hill is so good at, yet one which won't fly any longer...

Philip Rucker / Washington Post: 
As debt ceiling vote nears, the pressure's on House Republican freshmen  —  They ran against debt.  They swore and swore again that they'd cut up the nation's credit card.  —  But now the 87 freshmen House Republicans are facing intense pressure from administration officials …
discussion:
James Risen / New York Times:   Debt Ceiling Increase Is Expected, Geithner Says

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