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January 11, 2013
"[W]e believe you must be willing to take any lawful steps to ensure that America does not break its promises and trigger a global economic crisis — without Congressional approval, if necessary." So reads a letter sent to the president today by top Senate Democrats. It’s not every day that members of congress explicitly voice their willingness to be circumvented by the president, but Harry Reid and company clearly believe that the threat of default is a real possibility. Later on in the letter, the Democrats call for “a broad, bipartisan agreement” to reduce the long-term deficit - but only one that puts “the entire budget on the table,” as opposed to policy that only cuts “earned benefits for seniors and middle-class families.” (Photo credit: AP)source
The ‘not-so-super’ deficit commission is very unlikely to come up with a credible deficit-reduction plan. The committee is more divided than the overall Congress… 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. Hence, we expect at least one credit downgrade in late November or early December when the supercommittee crashes.
Ethan Harris, economist for Bank of America Merril Lynch • Speaking on the looming possibility the U.S. could suffer another downgrade to their credit rating, this one in late November or early December. The last downgrade to the U.S. rating was not without controversy — one U.S. official called it a “a facts-be-damned decision,” over an accounting error by Standard and Poor’s that incorrectly inflated their deficit projections by nearly $2 trillion. Whatever might cause a credit downgrade, though, that it’s a dire consequence to be avoided is not in dispute, and rumblings are growing louder that the U.S. may end up biting this bullet again soon. source(via • follow)
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