S&P has made it so enticing to get involved in U.S. debt politics that the other agencies are jumping on the bandwagon. And Washington can’t win: while S&P continues to talk a big game about downgrading the U.S. for not cutting enough spending, Fitch is pinning its ratings outlook to GDP growth, which some economists will tell you is not going to come by cutting government spending in a recession.
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debt ceiling
There Will However Be A Celebratory Game Of Bingo With Social Security And Medicare Recipients Down At The VA After Dinner
By Bess LevinPresident Barack Obama will sign into law a bill raising the U.S. government’s debt ceiling and cutting spending as soon as it arrives at his desk, White House communications director Dan Pfeiffer said on Tuesday. The U.S. Senate passed the bill to avert a default earlier on Tuesday and sent it to Obama for signing. Pfeiffer said via Twitter the president would sign the bill as soon as it got to the White House. There will not be a public signing ceremony. [Reuters]
If You Care About Preserving Our National Credit Rating, You’ll Light Yourself On Fire This Instant
By Matt Levine
Okay, it’s a summer Friday afternoon and it’s hard to concentrate on work, whether you’re thinking about beating the traffic out of town or just nibbling daintily on a tiny burger. But John Carney’s sources in Washington would really appreciate it if you could stay focused for a few more hours and freak the fuck out. Continue reading »
“Senior Chinese officials are appalled by the impasse among U.S. politicians on raising the nation’s debt ceiling to avoid a default,” said Stephen Roach, non-executive chairman of Morgan Stanley Asia. “Coming so shortly on the heels of the subprime crisis, the debate over the debt ceiling and the budget deficit is the last straw for China.” [Bloomberg]
Another Congressman Using Pop Culture References About Assault And Battery To Make A Point About Going Into a Room And Pushing A Button
By Matt Levine
[Rep. Mike Kelly (R., Pa.)], who attended the University of Notre Dame on a football scholarship, received a raucous response when he exhorted rank-and-file Republicans, Rep. Pete King (R., N.Y.) told reporters after the meeting. “He gave a Knute Rockne-type speech,” Mr. King said while holding up a “Play Like a Champion Today” sign, a nod to the famed sign between the home locker room and tunnel to the field at Notre Dame Stadium that players touch before games. Mr. King said Mr. Kelly closed the pep talk by saying: “Put on your helmet, buckle your chinstrap, and knock the sh– out of ‘em.”
She recommends “suspending investing since all stocks are likely to fall now,” getting liquid, and finding a “safe haven” where you can draw the blinds and lay low until things blow over. Continue reading »
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