Make no mistake about it, I believe the GOP is getting bent over and spanked by Obama on the Tax Package/Unemployment rip-off/income redistribution plan.
And now we're seeing another indicator:
Moody's estimates the tax bill could cost up to $900
billion. |
The plan agreed to by President Obama and Republican leaders last week could push up debt levels, increasing the likelihood of a negative outlook on the United States rating in the coming two years, the ratings agency said.
A negative outlook, if adopted, would make a rating cut more likely over the following 12-to-18 months.
For the United States, a loss of the top Aaa rating, reduce the appeal of U.S. Treasuries, which currently rank as among the world's safest investments.
"From a credit perspective, the negative effects on government finance are likely to outweigh the positive effects of higher economic growth," Moody's analyst Steven Hess said in a report sent late on Sunday.
After Obama announced his plan, Treasury prices fell sharply in volatile trade last week and yields have hit a six-month high, in part due to concerns over the effect the package will have on government debt levels.
More:Like so many other times in the past, the GOP is going along with stupidity wrapped in idiocy.
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