Govt Officials: US Expecting S&P Downgrade -- ABC NewsA government official tells ABC News that the federal government is expecting and preparing for bond rating agency Standard & Poor’s to downgrade the rating of US debt from its current AAA value.
Official reasons given, he official says, will be the political confusion surrounding the process of raising the debt ceiling, and lack of confidence that the political system will be able to agree to more deficit reduction. A source says Republicans saying that they refuse to accept any tax increases as part of a larger deal will be part of the reason cited.
The official was unsure if the bond rating would be AA+ or AA.
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My Comment: Oh well .... at least President Obama still believes that everything will get better. For more info on S&P's warning on a US credit downgrade, go here and here.
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