Moody's Gazes Upon US Debt Debacle While Congress Turns a Blind Eye

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.

The Daily Reckoning