The United States AAA credit rating was downgraded for the first time by Standard & Poors, claiming the nation’s political process is broken and criticizing lawmakers for failing to cut spending enough to reduce record budget deficits.
Not only did they lower the credit rating to AA+, the outlook is still considered “negative” as it becomes less confident the U.S. will end Bush-era tax cuts or tackle entitlements. If spending reductions are lower than agreed to, interest rates rise, or new fiscal pressures result in more government debt, the rating may be cut to AA.
Real Estate Blog
Real estate blog that offers a one stop shop for any topics related to real estate. Learn about buying, selling, wholesaling, investing, talk Realtors, short sales, foreclosures, lender low rates, and anything else that people are interested in regarding real estate.
Subscribe to this list via RSS Blog posts tagged in debt ceiling
The US has finally come together and solved our debt ceiling crisis. Everything is back to normal...
Obama has completely backed off his demand for new revenue in the deal that passed the House a few days ago to raise the debt ceiling and cut the deficit. Several lawmakers have said they don’t know whether he can be counted on to stand firm on raising taxes on the wealthy and protecting programs such as Medicare.
Over the past 6 months there has been an issue luring over the United States. An issue that if not resolved by congress, will create U.S. financial hardship. August 2nd is the day that the United States will be out of money to pay its debt and officially default.
- So what does this mean for the middle class?
- Is this a big deal or just a concern for the wealthy?
- How will this effect your life financially?
These are just a few questions that come to mind as TV and news outlets run story after story. They frequently talk about how the President and politicians, both democrats and republicans, will not agree on a compromise. As the August 2nd deadline approaches, you have to wonder what the consequences are and how it may effect the United States?