06/03/11 Stockholm, Sweden – Moody’s Investors Service has turned up the heat on US politicians, threatening a US debt downgrade as soon as July unless the Congress shows some backbone in planning on how to curb deficits. The problem is, of course, the over $14 trillion debt ceiling… a levee now on the verge of bursting.
The Democrats are pushing hard for tax increases, which Republicans detest, while the Republican side of the impasse is focused on massive spending reductions, a no-no for Democrat dealmakers.
While certain preachers have revised and pushed out their end of world predictions to October 21st, it looks like the US’ “Financial Reckoning Day” may loom much nearer.
Rocky Vega
Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let’s Go Publications, Harvard Student Agencies, and The Harvard Advocate.
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