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...
discussion:
Don Surber: Obamanomics kills U.S. economySlade Sohmer / HyperVocal: [VIDEO] Former Fed Chairman Greenspan: Time to Let Bush-Era Tax Cuts ExpireJim Hoft / The Gateway Pundit: Thanks Barack... S&P Moves US Outlook to NegativeVan Helsing / Moonbattery: Geithner Confident GOP Will Cave on Debt CeilingStephen Green / Pajamas Media: S&P goes negative — Standard & Poor's on America's future — it's bad:Vox Popoli: A failure to follow through
related:
Matthew Saltmarsh / New York Times:
S.&P. Lowers Outlook for U.S., Sending Stocks Down
S.&P. Lowers Outlook for U.S., Sending Stocks Down
discussion:
Prairie Weather: S&P warning and ratings: probably “no big deal”John Cole / Balloon Juice: Here Come The Bond Vigilantes
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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:
David Dayen / Firedoglake: Chamber of Commerce Pressuring GOP Lawmakers on Debt LimitLeft Coast Rebel: 'Make Love....Not Debt!’ — Talk about truly ‘draconian’ solutions!James Risen / New York Times: Debt Ceiling Increase Is Expected, Geithner SaysTim Mak / FrumForum: FroshUpdate - Apr 18, 2011 — Intense Lobbying on Debt Ceiling …Comrade DougJ / Balloon Juice: Enter the Chamber — Elia Isquire tipped me off to this morning …
