Neither Plan Will Save Our Credit Rating

Posted on July 31, 2011 at 9:52 am by Bob Cesca

Moody’s isn’t very hopeful, and we could be totally screwed.

The “limited magnitude” of both debt plans put forward by congressional leaders would not put the nation’s AAA credit rating back on solid footing, Moody’s Investors Service announced Friday.

“Reductions of the magnitude now being proposed, if adopted, would likely lead Moody’s to adopt a negative outlook on the AAA rating,” the credit rating agency said in a new report. “The chances of a significant improvement in the long-term credit profile of the government coming from deficit reductions of the magnitude proposed in either plan are not high.”

It added that “prolonged debt ceiling deliberations” have increased the odds of a downgrade, but that the firm is still confident policymakers will avoid a default.

And who’s responsible for creating this mess? The Republicans. Again.

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  • SharksBreath

    Wouldn’t you feel much better about your country if it was going in the toilet if Obama would have fought this battle like this.

    You Republicans have two options. Give me a clean debt ceiling bill to pay for the Bush policies you voted for which is killing our economy and pass these tax loopholes I want closed.

    Or if your really worried about the deficit you can pick which Bush policies you want to end which must include the Bush tax cuts and these tax loopholes I want closed.

    The choice is yours.

    Blow up the country if you want.

    I blame Obama because it should have never came to this.

    You can’t want a clean debt ceiling then want one with cuts and a little revenue. Then want more cuts than they want. Then want one with no revenue just cuts. Then want one where you give them everything.

    SMDH.

    The guy is pitiful.

    • Robert Scalzi

      You are about to be roasted …like all firegbaggers should be….get lost and go back to hamsher you fucking retard

      • http://twitter.com/SugaRazor Razor

        There are plenty of valid criticisms of the President and the way he deals with Republicans that would not make the critic a firebagger.

        Say what you will about George W. Bush, but he would’ve got the debt ceiling raised. He would’ve strutted out and said “raise it, bitch!” and it would’ve been raised. Just like it was half a dozen times throughout his presidency.

        Obama is too obsessed with being the great uniter with a side that has absolutely, positively, no interest in being united. He wants to be the post-partisan president during the most partisan period in our nation’s history.

        There has to come a point when this guy realizes there’s just no winning with the cretins in the Republican Party. They are hurting America, they are taking the country hostage, they are really terrible at governing, and he keeps saying that goddamn word “compromise.” You don’t negotiate with terrorists and you can’t compromise with assholes.

        He has continued to let Republicans drag the conversation to the right, which is what they’ve been doing for the last 50 years.

        • Robert Scalzi

          OK Mr and Mrs blame the Prez 1st crowd Fuck you both the blame falls squarely onto the Teafuckers and recalcitrant rethugs and you both know it …. Fuck you both it is people like you both that allowed this to happen in 2010 by not showing up at the polls…. so fuck you and your ilk both……not saying you personally didn’t go to the polls , but many of your ilk didn’t so get off it and fight the real enemy..REPUBLICANTS !!

          • http://twitter.com/SugaRazor Razor

            Now you’re arguing like a Republican. I’m not “blaming the president first,” I’m saying there are valid criticisms of the president and the way he has handled this political climate.

            Of course the teabaggers are the problem, but there’s nothing we can do about them. They’re the face of the GOP, they’re media darlings, and stupid white men will vote for them.

            I am of no “ilk,” but I can understand why people feel defeated. Every time Democrats manage to win – even in the event of a massive victory like Obama’s – the Republican Machine recharges and destroys. It wouldn’t have mattered if the Dems had an UBER MAJORITY in 2008, they still would’ve lost in 2010 because of the Republican Machine and the lazy media that props it up.

            We elect Democrats to lead and govern, not to capitulate to saboteurs. I will of course, vote for Obama again in 2012 (where he will likely lose), but that doesn’t mean I can’t be disappointed in the way he’s handled the insanity of the right. Not every person who has an issue with Obama is a firebagger. As Bill Maher often says, he’s your president, not your boyfriend.

          • MarshallLucky

            The bizarre part is this sounds exactly like what Bush’s supporters were saying about Democrats around 2003. Remember our “irrational hatred of the President?”

          • http://twitter.com/SugaRazor Razor

            I think you could write a book on the right-wing’s double standards regarding Bush and Obama.

    • mrbrink

      Hilarious. Spread the word, would ya?

      “Obama’s fault!”

      “Democrats’ fault!”

      You’ll be the cool kid who dances to her own tune– like Ellen.

      They’ll respect your wordy laymen interpretation of reality that reinforces the notion that, “it was all too good to be true!”

      “Grant Park was a mirage!”

      “Obama’s just like the rest!” or better yet, “just like Bush!” and “Democrats and Republicans are all interchangeable.”

      You’ll show that you are no caucus fool for party persuasion and will not be bought off with legislative progress and an agenda that doesn’t lie or mischaracterize. A real “independent” voice!

      It takes real courage and independence to be able to pile on the black president when you have an army of idiots on your side.

  • http://www.facebook.com/profile.php?id=1432102542 Tim Neuenhaus

    Does anyone else notice that when they are getting close to a “comprimise” that the news shows only photos of McConnel and Boehner and no democrats? Headline: “Deal Close on Debt Ceiling” and it shows McConnel but when the headlines talk about no deal they show Reid, Shumer etc…anyone else pick up on that?

    • Scopedog

      Tim, I’ve noticed that too.

      But what else is new? The MSM, to be crude, prefers to ball-wax the Repubs. That’s how it’s been for the past 30+ years. It’s also something the Firebaggers and most of the Left continues to ignore while they gang up on Democrats.

  • lukenstein

    Moody’s and all the other credit raters are wall street hacks as well, and they are just pushing for deficit reduction so they can slash entitlements and keep their taxes low.

  • http://www.politicalruminations.com/ nicole

    Say what you will, Razor and Sharkboy, this president is not to blame for this debacle due to his “handling of the Republicans”.

    This was their plan all along. It does not matter how they were or were not handled. They WANTED this. They WANT the black man to get the blame, to go down in 2012.

    It really is that simple.

    Bush? Bush got those clean debt increases because
    1- history dictated clean debt increases
    2-he was white. In fact, he was a good old Southern white boy.
    3-Democrats would never have placed this country in such jeopardy for NO FUCKING REASON.

    • http://twitter.com/SugaRazor Razor

      I wouldn’t go so far as to say sole blame lies with the president as Sharks said, but he’s gotta take a little bit of it.

      As you said, this was their plan all along, they want to sink the first black president, we know this. We knew this before Obama was even sworn in. We’ve known this since the Dems took congress in 2006 and the Republicans set the record for most filibusters in history. The GOP obstructs, distorts and destroys.

      So with that in mind, what do we do? Do we keep extending the olive branch and trying to play nice like Obama does while the Republicans say and do the most vile, nasty and spiteful things in the history of modern politics? Do we continue “compromising” with people who won’t compromise? People who when you give them more than what they asked for, still say no?

      If the Republican Party is always going to get their way (which they always seem to do), why play nice?

      Democrats won’t put the country in such jeopardy, but they will negotiate with the terrorists that will. This country will not improve until the Republican Party goes the way of the Whigs, and until then, we’re on this continued downward spiral. And the Democrats have allowed a debate over whether or let the country crash and burn. The Republicans are crazy, no doubt about that, but there’s nothing we can change there. We could start electing better Democrats though, instead of the weak and spineless like Harry Reid.

  • MarshallLucky

    Everyone involved in this hideous farce bears responsibility for it. The entire debate has been a disgrace to our nation and has made us a laughing-stock around the world. Nobody walks away from this mess with their hands clean.

    • http://www.politicalruminations.com/ nicole

      sigh…..

      Not true. This is not the fault of Obama, or the Democrats. Spin it however you like, you can’t make it so.

  • mrbrink

    Every agency out there insists on a balanced approach to debt reduction.

    Tax increases and some cutting.

    If there’s no new revenues, we’re putting our credit at risk of downgrade.

    When the Bush tax cuts were extended, S&P downgraded us.

    We’re going to have generate some revenue to avoid a downgrade.

    It’s that simple.