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Tue Jan 15, 2013, 11:18 AM

Fitch warns it may downgrade US over debt standoff

Source: AP


Standard & Poor's stripped the U.S. of its triple A rating for the first time during the 2011 debt ceiling debate

BY PAN PYLAS, ASSOCIATED PRESS

LONDON (AP) — The United States could lose its top credit rating for the second time if there’s a delay in raising the country’s debt ceiling, Fitch Ratings warned Tuesday.

Congress has to increase the country’s debt limit, which effectively rules how much debt the U.S. can have, by March 1 or face a potential default. There are fears that the debate will descend into the sort of squabbling and political brinkmanship that marked the last effort to raise the ceiling in the summer of 2011. The U.S. Treasury Department warned then that it had nearly reached a point where it would be unable “to meet our commitments securely.”

Standard & Poor’s was so concerned by the dysfunctional nature of the 2011 debate that it stripped the U.S. of its triple A rating for the first time in the country’s history.

“The pressure on the U.S. rating, if anything, is increasing,” said David Riley, managing director of Fitch Ratings’ global sovereigns division. “We thought the 2011 crisis was a one-off event …. if we have a repeat we will place the U.S. rating under review.”

-snip-

Read more: http://www.salon.com/2013/01/15/fitch_warns_it_may_downgrade_us_over_debt_standoff/

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Reply Fitch warns it may downgrade US over debt standoff (Original post)
DonViejo Jan 2013 OP
plethoro Jan 2013 #1
leftyohiolib Jan 2013 #2
xocet Jan 2013 #3
TomCADem Jan 2013 #4

Response to DonViejo (Original post)

Tue Jan 15, 2013, 12:13 PM

1. Fitch is owned by the Fascist MIC. The noose tightens.....nft

 

ddddddd

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Response to DonViejo (Original post)

Tue Jan 15, 2013, 12:59 PM

2. well let's remember when the ratings agencies rated the cdo's with triple a's and were called to

 

account for that they said hey you can hold us to that we just give opinions. i was only our opinion that they were triple A.

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Response to DonViejo (Original post)

Tue Jan 15, 2013, 03:29 PM

3. Does Abercrombie concur...? n/t

(This is not a serious question....)

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Response to DonViejo (Original post)

Tue Jan 15, 2013, 11:08 PM

4. GOP Of Course Insists That This Is Not A Big Deal

Even though there is no law that allows the Treasury to cherry pick obligations, nor any reason why the Treasury should be in that position in the first place, Republicans happily cheer on a default that would permanently harm the credit worthiness of the Nation.

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