Downgrade could come as soon as Friday
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The day of reckoning looms even closer: Credit rating downgrade for the U.S. government could come as soon as Friday. Key quote:
It’s not the debt ceiling that’s triggering a potential ratings change — it’s the trajectory of debt generated by the federal government.
And this:
The problem, as [the ratings agencies] see it, is not that America can’t pay its debts next month, but that America has grown its debt to such a degree that we can’t pay them in the long run without serious restructuring of the federal government — and this administration refuses to consider it:
My annual birthday-month fund-raising drive for Behind the Black is now on-going. Not only do your donations help pay my bills, they give me the freedom to speak honestly about science and culture, instead of being forced to write it as others demand.
Please consider donating by giving either a one-time contribution or a regular subscription, as outlined in the tip jar below.
Regular readers can support Behind The Black with a contribution via paypal:
If Paypal doesn't work for you, you can support Behind The Black directly by sending your donation by check, payable to Robert Zimmerman, to
Behind The Black
c/o Robert Zimmerman
P.O.Box 1262
Cortaro, AZ 85652
You can also support me by buying one of my books, as noted in the boxes interspersed throughout the webpage. And if you buy the books through the ebookit links, I get a larger cut and I get it sooner.
The day of reckoning looms even closer: Credit rating downgrade for the U.S. government could come as soon as Friday. Key quote:
It’s not the debt ceiling that’s triggering a potential ratings change — it’s the trajectory of debt generated by the federal government.
And this:
The problem, as [the ratings agencies] see it, is not that America can’t pay its debts next month, but that America has grown its debt to such a degree that we can’t pay them in the long run without serious restructuring of the federal government — and this administration refuses to consider it:
i think both talks last night were horrible . it doesn’t seem like they even tried to explain themselves and counter each other’s arguments . obama has to know everyone says he is growing the government so huge he didn’t try to explain why that has happened at all . boehner just said we just stop spending cause we can’t afford it . they said the same stuff nothing new no attempt to listen or respond to the way the other side characterizes them or explain why they are doing what they are doing . i tend to think getting out of debt is not so simple as just stopping spending too much i think sometimes you have to make strategic investments and resctructure to keep the engine going . i heard someone say governent should run like a business , to suggest a failing business simply needs to cut its spending to be successful doesn’t make sense . once again i wish eveyrone would listen to senator coburn he was informative on meet the press