Deal or no deal, kiss USA's AAA credit rating goodbye (Congress, Obama)

[lifelongMOgal]

Despite Obama's attempt to pin fault for a credit downgrade on the GOP this is going to happen without CC&B (or a plan with even larger cuts) being passed, period.

Deal or no deal our AAA rating is toast- MSN Money

In fact, it warned that it “may lower the long-term rating on the US by one or more notches into the 'AA' category in the next three months, if we conclude that Congress and the Administration have not achieved a credible solution to the rising US government debt burden and are not likely to achieve one in the foreseeable future.”

“An inability to reach an agreement now could indicate that an agreement will not be reached for several more years,” S&P wrote. “We view an inability to timely agree and credibly implement medium-term fiscal consolidation policy as inconsistent with a 'AAA' sovereign rating.”

S&P even spelled out what it thought would be necessary to maintain the AAA rating. “If Congress and the Administration reach an agreement of about $4 trillion, and if we conclude that such an agreement would be enacted and maintained throughout the decade, we could, other things unchanged, affirm the 'AAA' long-term rating on the US.”

[kevinm]

So what. Credit rating schmedit rating.

These are the SAME ratings agencies that rated Credit Default Swaps as "AAA" investments that now have crashed and burned everyone.

[CaptainNJ]

good. the federal government shouldnt be allowed to raise debt. thats just a tax on future taxpayers.