US To Lose AAA Credit Rating?

On Thursday, Moody’s warned the world that the United States, the world’s largest debtor nation, would lose its AAA credit rating if it did not reduce deficits to “manageable levels” within the next three to four years.

This is a big deal.
http://www.cnbc.com/id/33426521

"The Aaa rating of the U.S. is not guaranteed," said Steven Hess, Moody's lead analyst for the United States said in an interview with Reuters Television. "So if they don't get the deficit down in the next 3-4 years to a sustainable level, then the rating will be in jeopardy."

Last year’s deficit was about $400 billion, but in September our deficit hit $1.4 trillion for FY 2009. And Obama’s deficit projections are not promising, and certainly don’t even BEGIN to reduce the deficit over time.
http://washingtontimes.com/news/2009/oct/23/us-maxes-out-on-credit/

"Under the Obama budget plan, U.S. debt is headed into uncharted territory. Why? Because President Obama's budget promises deficits averaging $1 trillion per year for the next decade. As a result, debt held by the public will double by 2013 and triple by 2019, when it will represent more than 80 percent of our economy.

And so, Congress will soon be asked to raise the debt ceiling so that PresBo and his Congressional drunken sailors can spend our way into total insolvency.
http://www.realclearpolitics.com/articles/2009/10/22/raising_the_debt_ceiling_98825.html

Within the next few weeks, probably as soon as the votes on health care reform have been taken, the Senate faces the painful duty of once again raising the statutory limit on the national debt, as the House already has done.

It is never fun for the party in power, but this year will be harder on the Democrats than ever. The final accounting on the just-ended fiscal year, delivered last week, showed a record deficit of $1.4 trillion, a gap that is the largest since the end of World War II when measured against the size of the overall economy.

The Republicans are poised to pounce. Senate Republican leader Mitch McConnell accused the Democrats of "acting like a teenager on a spending spree with his parent's credit card with no regard to who pays the bill."

The Democrats, in turn, blamed the George W. Bush administration for starting the deficit spending and say that they themselves had no choice but to spread the red ink in order to deal with the potential economic collapse they inherited.

The one barely possible benefit from this predictably futile partisan bloodbath is the opportunity it could offer to leverage support for a long-standing bipartisan effort to force Congress to confront the hard steps needed to put the nation on a safer fiscal course.

This cannot continue, guys. Our debt is increasing exponentially, and Congress STILL sees no problem in massively increasing spending with new entitlement programs, raising taxes, and continuing the unbridled idiocy of trying to SPEND our way into economic growth.

We must not only reduce the deficits to “manageable levels,” we must turn those deficits into surpluses and begin to pay down the national debt. We cannot do this by following Obama’s lead, because he is leading us over the financial and economic cliff. Rather like lemmings.

It’s simple, guys. Listen up, Congress! STOP SPENDING SO MUCH MONEY!!!!

There… that wasn’t so hard, was it?