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Rating agencies are warning that the federal government risks another downgrade of its creditworthiness if it fails to come up with a credible plan this year to lower the federal deficit.
The warning comes amid growing expectations that Washington will punt major tax and spending decisions into next year because lawmakers would have little time to address them in a lame-duck session after the November election.
Such a delay would not guarantee a downgrade, but officials at rating agencies say they need to be convinced that Washington has a real plan to reduce its growing debt if the nation is to avert future downgrades....
“It’s highly uncertain ... because of the political circumstances,” said Steven Hess, Moody’s lead analyst for U.S. ratings. “Our stance at this point is to wait and see.”
Action on the debt almost certainly won’t happen before the election, because both parties are building their fall campaigns on differences over taxes and spending.
As a result, the administration and lawmakers are headed for the mother of all lame-duck sessions in November, when Congress must decide whether to raise the debt ceiling, extend the Bush tax rates and replace $1.2 trillion in automatic spending cuts set to begin in January 2013.
Originally posted by eLPresidente
Don't hold your breathe people, no Ron Paul or Ron Paul-like candidates, no real solution to the deficit.
Originally posted by jjf3rd77
Originally posted by eLPresidente
Don't hold your breathe people, no Ron Paul or Ron Paul-like candidates, no real solution to the deficit.
Paul Ryan had a plan... That was more reasonable than Ron Paul's.
More to the point. this thread is not about Ron Paul please take him elsewhere!