The latest warning comes from credit agency Fitch Ratings. Find the story h
ere and
here.
A Fitch Ratings executive warned the firm would downgrade the U.S.’s
triple-A credit rating if the government doesn’t get its fiscal house in
order. A potential downgrade could send shockwaves through financial
markets, similar to how S&P jolted markets last summer when it
stripped the U.S. of its top credit rating.
From the Wall Street Journal summary of the Fitch meeting:
Speaking at the firm’s global banking conference in New
York, Fitch sovereign group managing director Ed Parker said “the U.S.
does not have a credible fiscal consolidation plan” and that “If we
don’t see one after the election, I would expect a downgrade.”
Fitch rates the U.S. at triple-A but put it on negative outlook
earlier this year, and Parker’s comments were a reiteration of the
firm’s position. Fitch has the U.S., U.K. And France on negative outlook
because of high debt-to-GDP ratios.
Parker noted that the three countries, plus Germany, have the top credit ratings but are also the most heavily indebted nations.
“There is a limit to how high these government debt levels can go,” Parker said.
So tell us Pete, what can BO do to get the fiscal house in order? The congress writes ALL the appropriations bills, BO just signs or vetoes. And ALL those bills originate in the GOP controlled HR. Besides, if BO was to follow the previous GOP administration's declaration, deficits don't matter, Reagan proved it.
ReplyDeleteSo not sure what your post has to do with BO, except to associate him with a potential credit downgrade even as the GOP is equally responsible for the debt. And if history repeats itself, MORE investors will buy US debt if shock waves are sent through the markets.
DJ, That's funny and is completely otherworldly. The house has passed several budgets. Your president, however, has had his budgets spiked several times. Why don't you ask Harry Reid?
DeleteYou won't. Heh.
Victoria, you are even funnier. Budgets are just blueprints for spending, it's the actual bills passed by the GOP HR that create the deficits. And yes Victoria, the Dems deficit spend too, and massively at that, and were given a great example by YOUR previous president "W" and the GOP who doubled the debt, tripled the Social Security debt and multiplied earmarks by seven fold in just 6 years. But don't let truth get in the way of facts, Victoria, since the GOP is always right, moral and honest and the Dems are always bad, immoral and dishonest.
ReplyDeleteAnd the lying maggot BO is not MY president so why do you keep making that flippant remark? As I've said on your show MANY times, I don't like any politician. You associate me with Dems and liberals because I post remarks about the GOP showing their actions are no different than the Dems. So in your biased view I must be a Dem and liberal because I don't like the GOP. Wrong Victoria. I am independent conservative.