Real Debt of Genius: Rating Agencies Warn U.S. of Impending Downgrades

Our hapless RINO leadership deserves a share of the blame for this report. In short, the rating agency Fitch suggested that the U.S. may lose its AAA status by the end of August.

The rating agency wants to see a credible plan to reduce the budget deficit... Fitch expects to conclude its review of the U.S. sovereign rating by the end of August. As the debt deal currently stands, it is possible the U.S. debt rating could be downgraded at that time, Fitch said.

Moody's also warned the U.S. that it needs to get its house in order.

Moody’s Investors Service said the U.S. credit rating may be downgraded for the first time on concern that fiscal discipline may ease, further debt reduction measures won’t be adopted and the economy may weaken...

...JPMorgan Chase & Co. estimated that a downgrade would raise the nation’s borrowing costs by $100 billion a year. It could also hurt the rest of the U.S. economy by increasing the cost of mortgages, auto loans and other types of lending tied to the interest rates paid on Treasuries...

...Standard & Poor’s put the U.S. government on notice on April 18 that it risks losing its AAA rating unless lawmakers agree on a plan by 2013 to reduce budget deficits and the national debt. Fitch Ratings said today the U.S. is under a review as the nation’s debt burden increases at a pace that isn’t consistent with an AAA sovereign credit rating.

Good work, Speaker Boehner and Leader McConnell. Your feckless leadership:

• allowed the nearly one-trillion dollar Stimulus -- originally sold as a one-time "emergency" spending push -- to remain in the baseline budget without so much as a whimper

• didn't even force President Obama to produce a real budget

• didn't force the Democrat-controlled Senate to produce a real budget

• and undermined the wildly popular Cut, Cap and Balance plan from the very outset with the idiotic, stillborn McConnell and Boehner 1.0 plans

In effect, they drove a hard bargain -- with themselves.

Idiocy.

How does "House Speaker West" and "Senate Majority Leader Rubio" sound to you?