Fitch warns of US downgrade over deficit

[alp227]

Source: Financial Times

Fitch warned it could downgrade the US credit score if no “credible” agreement was reached over the next two years to curb the country’s mounting debt, as it placed a “negative” outlook on America’s triple-A rating.

The move aligns Fitch with other rating agencies that have already punished the US for the political gridlock that has prevented any long-term fiscal deal from emerging following months of negotiations in Washington.

Standard & Poor’s downgraded the US in August to a double A plus rating with a negative outlook, while Moody’s Investors Service has preserved America’s triple A score but also imposed on it a negative outlook.

The latest blow to hopes of a long-term deficit reduction agreement in the US came last week when a special bipartisan panel of lawmakers – known as the supercommittee – failed to reach a deal to save at least $1,200bn from US deficits over the next 10 years.

Read more: http://www.ft.com/cms/s/0/aafaa8ae-1a10-11e1-9888-00144feabdc0.html

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[lib2DaBone]

1. The U.S. could save $2 Billion per week.. simply by pulling troops out of Afghanistan.

Mr. Obama.. stand up.. be a leader. Bring our troops home.

[DJ13]

2. failed to reach a deal to save at least $1,200bn from US deficits

Are they saying they dont believe the $1.2t in cuts that was triggered with no deal wont happen, or that they're upset the cuts werent targeted specifically at social programs?

[Terry_M]

3. Well I personally am certain that they will not let the 1.2 trillion

in cuts happen. They will weasel their way out of it last minute if they have to.

[nineteen50]

4. Are these the same guys that gave sub-prime toxic waste triple a rating

[PSPS]

5. Big deal. Treasury bonds are still the safest in the world.

Even after the teabagger downgrade, every treasury auction has been fully subscribed without any difficulty whatsoever. I mean, come on. Where else is any sane person going to put money? In Greek bonds?

[Turbineguy]

6. The way to fix the deficit

is to get rid of enough republicans.

[truthisfreedom]

7. yep.

[Thor_MN]

8. In general yes, but getting rid of corporatists of any stripe would be better.

The corporations have too much power. We are way overdue for breaking up monopolies and prosecuting anti-competitive behavior.