Moody’s Warns: We Could Downgrade U.S. Credit Rating if No Debt Deal
- Posted on June 2, 2011 at 3:20pm by
Jonathon M. Seidl
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WASHINGTON (The Blaze/AP) — A credit rating agency is warning the U.S. government that it could lose its sterling credit rating if Congress and the Obama administration don‘t reach an agreement to raise the nation’s borrowing limit.
Moody’s Investors Service says if the parties fail to make progress soon, it would put the U.S. rating under review for a possible downgrade. That‘s because there’s a “very small but rising risk” that the government will default on its debts.
Moody‘s warned the government could also face a downgrade if it fails to come up with a plan to control the country’s rising debt.
“Since the risk of continuing stalemate has grown, if progress in negotiations is not evident by the middle of July, such a rating action is likely,” Moody’s said.
The U.S. government hit its $14.3 trillion borrowing limit on May 16. The debt limit is the amount the government can borrow to help finance its operations.
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Comments (158)
TRILO
Posted on June 2, 2011 at 3:57pmThese yahoo’s in Washington make me sick with all their feather ruffling. Only a handful of them are really wanting to make changes.The rest is all show. Most of them just want to maintain the status quo and continue to want to bring home the bacon for their districts. If their budget cuts turn out like the last deal what is the point. That deal was just a slap in the face to the American people. All I get from my Republican Congressman is excuses. I trust Moody’s to do the right thing about as much as I trust Congress. Were they not one the rating agencies that kept giving the thumbs up on the credit default swaps and all the other junk bonds that are at least in part responsible for our problems? Alot of people have been asleep at the wheel these past years, myself included. At least I have woke up. I just do not know what it will take for the rest of America to get a clue.
Report Post »Teaparty-grammy
Posted on June 2, 2011 at 11:56pmSad to say, they don’t even care about “bringing home the bacon for their districts”. That is just what they figure they HAVE to do to stay on the government gravy train and the sweet life they have voted for themselves, which is REALLY all they care about. That is why they will who*e themselves to any special interest group, foreign country, etc. with no thought of how it will harm the country, just to get re-elected. Staying in the cushy life in Washington is all they care about. Which is why they need to be thrown out on their worthless, ethically-challenged a$$es.
Report Post »momsense
Posted on June 2, 2011 at 3:57pmWhat a black mark for the Liberal spin machine ! I guess that Moodys will be called racist too !
Report Post »Tusker
Posted on June 2, 2011 at 3:52pmPLEEEZZZEEE! Obama just CAN’T run another term! It will surely be the death of this country!
Report Post »cloudsofwar
Posted on June 2, 2011 at 3:59pmthe death of us. they know who we are. we are on the LIST.
Report Post »realjohn
Posted on June 2, 2011 at 3:50pmIt is my understanding that Berkshire Hathaway (Warren Buffet) holds controlling interest in Moody’s (about 50 million shares). ‘Nuff said!
Report Post »joehanx2
Posted on June 2, 2011 at 3:42pmQUESTION if we are or did run out of money and they are printing more with nothing to back it isnt that counterfitting?
Report Post »cloudsofwar
Posted on June 2, 2011 at 3:57pmNo because the Government has the right to print money, worhtless or not.
Report Post »stopthis
Posted on June 2, 2011 at 3:42pmRomney, Palin,etc, they will not have the @#$% to stand up to the FEDS, IMF, the BIG Bank men, The Bilerburgs.
Report Post »These are all new questions for these candidates this election. Do you have what it takes to stand up to evil? Greed?
Get this out in the open. The Congress means knowing now.
cloudsofwar
Posted on June 2, 2011 at 3:42pmI don’t see what this has to do with Weiner. I mean isn’t that the most important news in the country?
Report Post »Spinolio
Posted on June 2, 2011 at 3:42pmThe emotional left with continue on their foolish spending spree until we go completely broke. As long as our education system doesn’t teach where money comes from we can never get out of this hole. Most people do not understand what a dollar represents neither do the teachers. Many teachers don’t want to learn about REAL economics because it will undermine their belief in the Unions that they benefit from.
Report Post »GERATMO
Posted on June 2, 2011 at 3:40pmSo we loose our sterling credit rating if we dont raise our borrowing limit. Shouldnt we loose our sterling credit rating for having to borrow more? Typical left wing thinking.
Report Post »amerbur
Posted on June 2, 2011 at 3:38pmI cannot believe Moody’s would make a call to raise the debt limit rather than demand that the US Government make the necessary cuts to spending. This is rediculous. Do not raise the debt ceiling!!! I will probably be in big trouble if the debt ceiling is not raised because I was foolish and became dependent on the government. I work in health care which is dependent on Medicare for its very survival. I would rather die in the street than pass on this nightmare to my children.
Report Post »Untameable-kate
Posted on June 2, 2011 at 7:07pmThen you are the exception rather than the rule. Most people will NOT sacrifice even at their childrens expense. Pray for sanity and prepare for tragedy.
Report Post »starman70
Posted on June 2, 2011 at 3:37pmGo ahead and downgrade it. Maybe it will wake up the morons in Washington, especially the DUMBOCRATS, to stop the rampant waste of taxpayer money and the constant cycle of spending/borrowing, while acting like a bunch of drunken sailors. It’s time to KICK A** in 2012!
Report Post »CatB
Posted on June 2, 2011 at 3:43pm@STARMAN70
Right on! Time to put up or shut up .. let‘s sort out the RINO’s from the Patroits … and then bring on 2012!
TEA!
Report Post »Teaparty-grammy
Posted on June 2, 2011 at 11:48pmOne way we could save a whole BUNCH Of money is to stop sending billions of dollars to Jihadist countries that hate us and want to kill us. Do you think all that money is really buying us any friends? How trustworthy do you think those kinds of friends will be when the chips are down–they’ll be right there planting a blade in our backs!
Billions in aid to Egypt? Billions more o Pakistan, who sheltered Bin Laden for 5 years, all the while proclaiming what good friends they were? This is insane–CUT THEM OFF–we can use that money to balance the budget. If you MUST send aid to somebody, send it to Israel! Thanks to Obama and his friends, they are going to need all the help they can get to keep from being annhilated.
Step 2: Pass Amendment 28 to the Constitution that will force Congress and all elected officials to live with the programs they pass for us. End their cushy pensions and medical plans. Put a stop to all the perks and knock that gravy train permanently off the tracks. It is WAY past time for that to happen. Also, Amendment 28 will ensure they will have to live under the same laws they pass on everybody else–no more exempting themselves from every law they pass.
Report Post »REETZBEE
Posted on June 2, 2011 at 3:37pmOur politicians are a disgrace to humanity. How dare they keep playing games at our expense. They really don’t see or care about how many millions of people are suffering financially. We‘re better than this and we don’t deserve a president that clearly won’t change course to fix it.
Report Post »TerryJ70
Posted on June 2, 2011 at 3:34pmMoody‘s is in Obama’s back pocket. He wants this panic brought on. I sure hope we don’t fall for it.
Report Post »commonsenseguy
Posted on June 2, 2011 at 3:34pmmoodys , sounds like another liberal group got to them, o well, they are like every other left wing nut job group out.their word is good as obamas.
Report Post »cloudsofwar
Posted on June 2, 2011 at 3:33pmHow much do you want to bet that Mr Booner will not raise the debt limit. speaker of the house Mr Booner, cry baby speaker. He can’t wait until he can raise the debt limit because he is a big gov Rino.
Report Post »progressiveslayer
Posted on June 2, 2011 at 3:33pmYes we‘re broke conservatives know this it’s the progressives who think there’s an endless money supply
Report Post »for the welfare state.Hmmm I wonder what will happen when the gravy train stops?
Entropy
Posted on June 2, 2011 at 4:42pm@Progressiveslayer
Report Post »That is precisely why they will cave in. If the gravy train “ends”, the entitlement crowd will riot, and the DC politicians will be dragged out by their feet and hung by the neck. That is why they will raise it. I personally would love for that to happen.
WBOB
Posted on June 2, 2011 at 3:33pmDon’t raise it.
Report Post »momprayn
Posted on June 2, 2011 at 3:31pmAnother evil strategy of the left! DO NOT FALL FOR IT Repubs.!!!!! DON’T CAVE !!!!!
Report Post »CatB
Posted on June 2, 2011 at 3:37pmI agree .. don’t CAVE!
Cut spending … no need to raise the ceiling .. if you are RESPONSIBLE!
TEA!
Report Post »cloudsofwar
Posted on June 2, 2011 at 3:30pmMust raise debt or else.BO says thank you Moodys. we are not bankrupt yet but soon. then Transformation.
Report Post »saranda
Posted on June 2, 2011 at 4:52pmDoes your transformation involve Canada taking northern states and Mexico grabbing back Texas, Arizona, California.
Report Post »Vickie Dhaene
Posted on June 2, 2011 at 3:29pmWe deserve a low grading. I grade this administration as a resounded failure. DON’T INCREASE THE DEBT LIMIT. If we can’t stop their spending then let the credit agency shut her down.
Report Post »BiteMePETA
Posted on June 2, 2011 at 3:29pmMoodys is full of it… we just print more and pay off our debt (i.e. steal out of people’s bank accounts)… how can we lose?
Report Post »Mandors
Posted on June 2, 2011 at 3:28pmThe current stalemate is over “serious” spending cuts in exchange for a raise in the debt limit. This begs the question if the cuts are serious why would we need to raise the debt? Answer: they’re not serious. This is just a bunch of RINOs and Dems pounding their chests to maintain the status quo and trying to look good.
Report Post »Kromlik
Posted on June 2, 2011 at 3:33pmBingo!!
Report Post »Firebrand
Posted on June 2, 2011 at 4:20pmI agree with you, but a major issue is with appropriations. If we were living “paycheck to paycheck” this would be a correct assumption. The problem is that we are not utilizing the tax revenue on a year to year basis.
Report Post »We allow congress to pass bills that allow funding for years. It is definitely a self-perpetuating lie/problem. The truth is, the debt balloons even though the tax revenue stays relatively the same. Our leaders, and I use the term loosely, pass a bill today to pay for it tomorrow. Another issue is that this doesn’t work if you have congressional turnover, as the guys coming in don’t know where the previous generation of legislators buried the financial land mines.
The take home is, you get exponential increases in debt with linear increases in revenue. The math will never work on that system. I won’t hold my breath for the “spend ONLY what you make” government… My suggestion is to support an additional amendment to the constitution that demands we live within our means except in times of war.
Entropy
Posted on June 2, 2011 at 4:36pmYou got it Mandors. It is all just a big BS lie. They will raise the debt ceiling 2.5 Tril, then agree to cut 17 billion over 10 years. Fricking liars.
Report Post »Teaparty-grammy
Posted on June 2, 2011 at 11:40pmIn other words, business as usual in Congress. The Republicans are not much better than the Dems. We should remind them that they do not have a lock on Tea Party votes (even though they seem to think they do). If they cannot do their jobs according to how they are defined in the Constitution, then they should be thrown out along with the rest of the bums. These RINOs who went to Washington and immediately started doing business as usual must be thrown out along with the rest of the trash! They are a luxury we can no longer afford.
Report Post »tomloy
Posted on June 2, 2011 at 3:27pmI expect the tea party at least to hold the line. This will force the Dems to do some serious cutting of the budget to get the debt ceiling raised.
Report Post »Mandors
Posted on June 2, 2011 at 3:29pmif the cuts are “serious,” why do we need to raise the spending limit?
Report Post »commonsenseguy
Posted on June 2, 2011 at 3:38pm@mandors, did you not understand Charley Rangle yesterday, he said you must spend to save money, i can not believe you don’t understand this,now that you know this don’t tell anyone,okay, it is a secrete.
Report Post »Mandors
Posted on June 2, 2011 at 4:27pmHey Commonsense,
Did Lucy make that same Rangel spend to save argument to Ricky? Or was that Wilma Flinstone?
Report Post »calebgs83
Posted on June 2, 2011 at 3:23pmGOP…Do NOT raise the debt ceiling!
Report Post »CatB
Posted on June 2, 2011 at 3:36pmI agree … if they do it could be down graded anyway ..
TEA!
Report Post »Dustyluv
Posted on June 2, 2011 at 3:42pmHope they dont either. It will be sweet to see them play music and rearrange the deck chairs as the Titanic sinks…
Report Post »We are toast no matter what they do, but it will be good to see them do something anyway…Maybe we can have some good men step in when we rebuild the Republic and get back to a Constitutional Nation…
LaidBackTaps
Posted on June 2, 2011 at 4:21pmDon’t Raise The Debt Ceiling, If we All Gotta Hurt A Little For This I Am Willing To Help Sacrifice For A True Better America. God Blesss!
Report Post »Entropy
Posted on June 2, 2011 at 4:24pmI guarantee you, as sure as the sun is going to rise tomorrow, the GOP will reach some kind of a “deal” with the commies. You watch. They will cave and say that they didn’t. We will only find out afterwards that they in reality caved in.
Report Post »jedi.kep
Posted on June 2, 2011 at 5:23pmMoody’s WRONG!!! The world is watching this country to see if we will get some self control over our spending or not. If we don’t, the world walks away from us. If we do, the world walks away from us. No matter what, we are left out of it, and THAT IS HOW IS SHOULD ALWAYS BE!
Report Post »Dont-hate-on-me-2
Posted on June 2, 2011 at 3:21pmthis has been comin for a long time.
Report Post »UncleBuck
Posted on June 2, 2011 at 3:31pmThis is bound to happen, lets get it done and get through the worst of it. but if we don’t get the socialist out of the White house nothing will change. That being said putting another big government president and congress back in and we will continue down the road to ruin. TEA!
Report Post »Untameable-kate
Posted on June 2, 2011 at 3:31pmI don’t think we deserve a sterling credit rating any more. Our government is spending like drunk socialites without any clue as to how they will pay back what they borrow.
Report Post »Meyvn
Posted on June 2, 2011 at 3:34pmLet Moody do what Moody’s got to do. So be it.
Report Post »Professional Infidel
Posted on June 2, 2011 at 3:35pmQuit Spending, Quit Borrowing, Quit giving it away!!! Back to as it should be. “Everyman for themselvs”!
Report Post »TSUNAMI-22
Posted on June 2, 2011 at 3:36pmWhat are they waiting for? Downgrade us already. The sooner the credit card gets cut in half, the sooner we start to recover correctly.
Like a drug addict, we’ll go through a painful withdrawal period – then come out cleaner on the other side. The longer we defer the inevitable, the more sever the withdrawal.
We should have taken the pain in 2008 instead of the bailout.
Report Post »13th Imam
Posted on June 2, 2011 at 3:36pmIf you spend more than you take in , your credit rating should be downgraded. Whats good for us should be good for the Federal Gov.
Report Post »Is this OK, Ray??
Dustyluv
Posted on June 2, 2011 at 3:39pmClinging to my guns, God and silver…woo hoo.
Report Post »Obama will blame Bush but we know better.
JD Carp
Posted on June 2, 2011 at 3:39pmIt’s a set up! DON’T RAISE THE DEBT CEILING!
Report Post »Gold Coin & Economic News
Posted on June 2, 2011 at 3:44pmI‘m surprised this hasn’t happened already. One day we will be given and F on our credit rating when the powers that be really figure out what’s been happening.
Report Post »SavingtheRepublic.com
Posted on June 2, 2011 at 3:45pm^____^____^
Yes it has but raising the debt ceiling is like asking a credit card company to up your limit when you are broke only making $500 a month but are spending $2000+. It doesnt work it only extends the inevitable and in that time the debt mounts at an exponential rate.
The US is broke, we are bankrupt, “our” actions are proof of it, just havent made it official by filing BK. Anyone on tv, radio, print that says we are going bankrupt is deceiving you. We are what do you think a $14+ trillion deficit is, rainy day spending?
Report Post »101
Posted on June 2, 2011 at 3:46pmSorry to say but Americas credit isn’t that good…if my finances looked like the federal governments I would be filing bankruptcy.
If you cannot pay cash, you cannot afford it…people that live on credit need to get a clue [mortgage exempt]!
Report Post »Restored One
Posted on June 2, 2011 at 3:57pm@ Carp, I totally agree with you, this is a set up. I say, let’s just get downgraded and move on. Stop kicking the can down the road!
Report Post »cheezwhiz
Posted on June 2, 2011 at 3:59pmMoody’s ?
Report Post »Aren’t these the same people who were giving excellent ratings to all those institutions that went down , institutions like AIG and Bear Stearns etc ? So why did we pump in a trillion or more taxpayer dollars into such financially sound entities ? Why Mooooody’s ?
I’m sure the same people y know what they are doing this time
TomFerrari
Posted on June 2, 2011 at 4:01pmDANGEROUS waters for Moodys!
Report Post »If they compromise their integrity to suck-up to Obama, they would do a dis-service to their investors who rely on their advice, which could cause MAJOR issues for them. However, if their investors are a lot of big-money guilt-ridden socialist liberals, then those investors could have pressured them to make such a statement.
Being an honest, just, and righteous man, I have trouble understanding HOW they could compromise their integrity for any reason. At the same time, if 20% or more of their managed assets were owned by libs, I concede that would be enough pressure to cause a corporation to at least CONSIDER altering an opinion. I doubt it would be the first such situation in earth’s history.
cheezwhiz
Posted on June 2, 2011 at 4:06pmTomFerrari
Report Post »Posted on June 2, 2011 at 4:01pm
DANGEROUS waters for Moodys!
If they compromise their integrity to suck-up to Obama, they would do a dis-service to their investors who rely on their advice, which could cause MAJOR issues for them. However, if their investors are a lot of big-money guilt-ridden socialist liberals, then those investors could have pressured them to make such a statement.
————–
I think Moody’s should be investigated to see if they have any working/financial/ideological relationship with the spooky dood ?
LaidBackTaps
Posted on June 2, 2011 at 4:20pmYeah you know what DOWN GRADE US GOV’T they dont deserve Anything Less. The US GOV’T Is Criminal! Power To The Patriots! God And The Country That Was!
Report Post »Showtime
Posted on June 2, 2011 at 4:20pmI don’t care what their excuse is — if the Democrats had been fiscally responsible in the first place, we would not be in this mess.
So, let the rating drop! KEEP the ceiling where it is or, better yet, LOWER it!
Report Post »LaidBackTaps
Posted on June 2, 2011 at 4:22pm@ SHOWTIME
Your right! lower and make a REAL plan to achieve That!
Report Post »OneFootRandy
Posted on June 2, 2011 at 4:23pmIt has been coming for a long time, and as noted in the artilcle, even if the loons in power come to an agreement on the debt celling, their collective effort to spend more money than exists on the planet will downgrade us anyways.
PREPARE!
Report Post »Snowleopard {gallery of cat folks}
Posted on June 2, 2011 at 4:32pmThat is what the administration and the progressives want; social and economic collapse, if we slide into another great depression, they will be free to do as they wish in the remaking of America into the ultimate nightmare.
Report Post »theonefromabove
Posted on June 2, 2011 at 4:33pmI hope they do not approve more spending.
http://politicalbowl.com – Political Videos
Report Post »banjarmon
Posted on June 2, 2011 at 4:47pmThanks MR “BO” for ruining OUR Great country…WE the PEOPLE are coming for you!
Report Post »avenger
Posted on June 2, 2011 at 5:38pmmore smoke & mirrors….let it happen !
Report Post »ENCIINOM
Posted on June 2, 2011 at 5:49pmWhat is with you conservativs. We are in this mess casue of bush. Conservatism is an evil failure. but you racist planned it that way. To busy trying to disband governmet. I dont know where you get the idea that government is evil. THe government is the best suited canidate to fix the problems you guys created.
Report Post »13th Imam
Posted on June 2, 2011 at 5:57pmEnc
That was priceless. Keep up the good work. Only that little kids story made me laugh harder.Now go out and learn how to ride that two wheeler.
Report Post »old white guy
Posted on June 2, 2011 at 6:13pmi did not know that moodys was an arm of the democrat party.
Report Post »101
Posted on June 2, 2011 at 6:30pmSearch: “Mandrake Mechanism”
Then you will understand why they’re going to raise the debt ceiling and continue out of control spending…it’s the temporary solution before the big crash!
No monetary value in fiat money means higher debt, increases the value of the dollar
Report Post »seeker9
Posted on June 2, 2011 at 7:52pm@ENCIINOM
By any chance, as a child, were you dropped on your head?
Report Post »progressiveslayer
Posted on June 2, 2011 at 8:04pm@seeker9 Enciinom definitely took the short bus to the public school,he‘s always insulting people’s intelligence,meanwhile he can’t even spell correctly,and he’s a fool.
Report Post »JRook
Posted on June 2, 2011 at 10:28pmNotice Moody‘s didn’t say if the government cuts programs Republicans don’t like. Anyone with a brain knows that the only chance of cutting the deficit is cutting everything (particularly defense) and raising taxes to where they where during the Clinton years and altering the taxes and qualification ages for Medicare and SS. Bush created a huge mess by starting these nonsensical wars without raising taxes to pay for them and starting the Medicare prescription program… the big pharma subsidy program.
Report Post »vennoye
Posted on June 2, 2011 at 11:55pm@ENCIINOM
Report Post »Please educate yourself and learn some facts…………….your naiveté is dangerous for your wellbeing..doesn’t matter whether Dem or Rep……..both are corrupt….does the phrase steal, kill and destroy ring a bell??? The stealing and destroying have been in full force for years…….only leaves one more river to cross!
Contrarian51
Posted on June 3, 2011 at 1:20amWhy does anyone still pay attention to these credit rating agencies. They have no credibility. Did everyone forget the ratings they had on all those worthless mortgage-backed securities?
Report Post »silentwatcher
Posted on June 3, 2011 at 1:51amTrying to scare people, huh? Well,,,,downgrade then. Our beloved Gov’t deserves it,,,,the citizens don’t, but the gov’t does. If they can’t do the job properly,,,,then downgrade it. We are gonna crash and burn anyway.
Report Post »Meyvn
Posted on June 3, 2011 at 6:11amReally stoopid: We GIVE money to countries we BORROW from.
http://www.foxnews.com/politics/2011/06/02/us-offers-foreign-aid-to-countries-holding-billions-in-treasury-securities/
And wonder why we’re broke. Stooopid!!!
Report Post »jackrorabbit
Posted on June 3, 2011 at 11:17amNote to the U.S. Congress, the downgrade will come sooner or later, better to get it over with, and fix the underlying issues, rather than PUNT!
Report Post »chazman
Posted on June 3, 2011 at 1:29pmMoody’s can go to the neither reaches … downgrade our politicians if you must, but slander our country with your downgraded credit rating and we will come after you …
Report Post »