And so it begins. The triple A(Aaa) ratings that America has enjoyed since 1917 was put on notice for a downgrade today by Moody’s Investors Service.
Bloomberg reports that Moody’s took this initial move to lower America’s credit ratings over “concern(s) the debt threshold will not be raised in time to prevent a missed payment of interest or principal on outstanding bonds and notes even though the risk remains low”. Additionally, the report stated that Moody’s “…rating would likely be reduced to the Aa range…” and that ” …that there is no assurance that Moody’s would return its top rating even if a default is quickly cured.”
Meanwhile, Republicans continue protecting the tax loopholes for the rich.
