Just a regular American
- Jul 24, 2010
- Reaction score
The clock is ticking ....6 weeks left and it seems that this micro-committee is as partisan as the whole. Did we really expect anything to come from this?
Not only mandatory cuts across the board but the credit rating may take anotehr hit too.The bipartisan, bicameral, twelve-member super committee tasked with finding at least $1.2 trillion in debt reduction measures by Thanksgiving has reportedly gotten nowhere so far because Democrats won't budge on entitlement reform unless Republicans budge on new tax revenue. This scenario was super predictable. [AP]
Debt committee may raise risk of a U.S. downgrade - Oct. 11, 2011If the super committee process fails, in theory, $1.2 trillion in automatic spending cuts would be triggered. But many seasoned observers expect Congress may end up modifying or repealing that trigger.
By contrast, if the super committee process succeeds and Congress votes through more than the minimum $1.2 trillion in savings, S&P said that could help to stabilize the country's long-term AA+ rating.
Moody's, for its part, affirmed the country's AAA rating but revised the outlook to negative, and said if the super committee process proves "ineffective, this could affect the rating negatively."