When the GOP is stupid: Moody's to cut US Rating on tax package.

.
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 May Cut US Rating on Tax Package

Published: Monday, 13 Dec 2010 10:34 AM ET

Text Size

By: Reuters

• Digg
• Buzz
  
• Facebook
• Twitter
  
• More
• Share
  

Moody's warned Monday that it could move a step closer to cutting the U.S. Aaa rating if President Obama's tax and unemployment benefit package becomes law.

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.

.

We're voting "yes" on yet another bill packed with pork that will result in a massive and unnecessary increase in the already horrific Obama debt, trillions served as we speak.

.

We are in a position to blow all of this off; wait until January 5th, and do this the RIGHT way; no extension of unemployment and no earmarks.

.

You all remember earmarks, don't you? Those slimy legislative moves that the GOP promised an end to? And we're not even taking control yet and what are we doing?

.

Spending additional billions in bizarre earmarks like $6 billion in unneeded and unwanted ethanol subsidies.

.

Ultimately, WE, the GOP, are responsible for this crapsicle. Because we promised, again... and broke that promise... again... because we never learn and a system that gives us moronic representation like Ridgefield Barbie results in garbage like this.

.

HT NW Republican.

.