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Old 10-25-2011, 05:00 PM
 
Location: Too far from home.
8,738 posts, read 6,142,024 times
Reputation: 2365

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Not looking too good. The only thing Republicans and Democrats agree upon is that they disagree on everything.

Excerpts from U.S. rating likely to be downgraded again: Merrill | Reuters

Quote:
The trigger would be a likely failure by Congress to agree on a credible long-term plan to cut the U.S. deficit, the bank said in a research note published on Friday.

A second downgrade -- either from Moody's or Fitch -- would follow Standard & Poor's downgrade in August on concerns about the government's budget deficit and rising debt burden. A second loss of the country's top credit rating would be an additional blow to the sluggish U.S. economy, Merrill said.

"The credit rating agencies have strongly suggested that further rating cuts are likely if Congress does not come up with a credible long-run plan" to cut the deficit, Merrill's North American economist, Ethan Harris, wrote in the report.

The bipartisan congressional committee formed to address the deficit -- known as the "super committee" -- needs to break an impasse between Republicans and Democrats in order to reach a deal to reduce the U.S. deficit by at least $1.2 trillion by November 23.

If a majority of the 12-member committee fails to agree on a plan, $1.2 trillion in automatic spending cuts will be triggered, beginning in 2013.

"Hence, we expect at least one credit downgrade in late November or early December when the super committee crashes," he added.
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Old 10-25-2011, 05:06 PM
Status: "Got my first COVID vaccine shot." (set 6 days ago)
 
Location: Suburban Dallas
50,381 posts, read 40,460,201 times
Reputation: 30605
Wouldn't surprise me if it does. This is the result of our "president" and his quest for careless spending and high tax increases.
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Old 10-25-2011, 05:11 PM
 
Location: Great State of Texas
86,068 posts, read 76,787,344 times
Reputation: 27652
It would most like be a sure bet that we do get downgraded.
We've raised the debt ceiling twice, had 3 deficit committees with no results, nothing has passed Congress since the last "ceiling emergency" and now all we hear about are spending bills.

Don't take a moron to see what will happen.
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Old 10-25-2011, 05:39 PM
 
Location: OCEAN BREEZES AND VIEWS SAN CLEMENTE
19,895 posts, read 16,802,377 times
Reputation: 6456
Quote:
Originally Posted by HappyTexan View Post
It would most like be a sure bet that we do get downgraded.
We've raised the debt ceiling twice, had 3 deficit committees with no results, nothing has passed Congress since the last "ceiling emergency" and now all we hear about are spending bills.

Don't take a moron to see what will happen.
Rightooooooooo, does not take a rocket scientist for us to realize that both sides are part to blame.
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Old 10-25-2011, 07:18 PM
 
13,533 posts, read 8,441,509 times
Reputation: 6331
Quote:
Originally Posted by softblueyz View Post
Not looking too good. The only thing Republicans and Democrats agree upon is that they disagree on everything.

Excerpts from U.S. rating likely to be downgraded again: Merrill | Reuters
I think we need to do what Obama and Boehner were trying to do with the deficit. They agreed to spending cuts, tax revenue increases, and reforms. The tea party sunk the deal, but the deficit committee needs to come up with that same approach and basically tell the tea party and left-wing democrats that this is needed and it has to get done for the good of the country.
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Old 10-26-2011, 04:00 AM
 
Location: Too far from home.
8,738 posts, read 6,142,024 times
Reputation: 2365
Quote:
Originally Posted by case44 View Post
Wouldn't surprise me if it does. This is the result of our "president" and his quest for careless spending and high tax increases.
Really? This is all due to one person who added to the problems he inherited from his predecessor? For some reason I thought it had to do with two parties so divided - or should I say unwilling - to work together. More like two teams on the playing field and only one can win.
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Old 10-26-2011, 04:23 AM
 
3,876 posts, read 3,485,914 times
Reputation: 2519
Quote:
Originally Posted by softblueyz View Post
Really? This is all due to one person who added to the problems he inherited from his predecessor? For some reason I thought it had to do with two parties so divided - or should I say unwilling - to work together. More like two teams on the playing field and only one can win.
It's his watch and his policies that are the focal point, It is both parties.

Instead of extend and pretend, bailouts and other gimmicks it's time to deal with this instead of blindly spending into oblivion.

Cut foreign aid, boot out all illegals, bring our troops home, stop getting involved in foreign wars and nation building and you would have a good start at addressing this issue.
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Old 10-26-2011, 04:58 AM
 
Location: Too far from home.
8,738 posts, read 6,142,024 times
Reputation: 2365
Quote:
Originally Posted by antarez View Post
It's his watch and his policies that are the focal point, It is both parties.

Instead of extend and pretend, bailouts and other gimmicks it's time to deal with this instead of blindly spending into oblivion.

Cut foreign aid, boot out all illegals, bring our troops home, stop getting involved in foreign wars and nation building and you would have a good start at addressing this issue.
It's the will of the people who wish all of that, but that has been falling on the deaf ears of government for many years. Again, those are issues that he inherited.

I miss Bill Clinton.
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Old 10-26-2011, 06:15 AM
 
Location: Vancouver, B.C., Canada
11,026 posts, read 24,901,339 times
Reputation: 5390
man this is serious when you add in the EU debt problems and with another credit downgrade from moodys along with the current S&P means things do not look very bright for the economy to bounce back but rather a long slow stagnation.
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