Let’s see if Obama can let the Republicans craft policy in the same way that Bill Clinton let the Republicans in his day:
(Reuters) – The United States will likely suffer the loss of its triple-A credit rating from another major rating agency by the end of this year due to concerns over the deficit, Bank of America Merrill Lynch forecasts.
The trigger would be a likely failure by Congress to agree on a credible long-term plan to cut the U.S. deficit, the bank said in a research note published on Friday.
A second downgrade — either from Moody’s or Fitch — would follow Standard & Poor’s downgrade in August on concerns about the government’s budget deficit and rising debt burden. A second loss of the country’s top credit rating would be an additional blow to the sluggish U.S. economy, Merrill said.
“The credit rating agencies have strongly suggested that further rating cuts are likely if Congress does not come up with a credible long-run plan” to cut the deficit, Merrill’s North American economist, Ethan Harris, wrote in the report.
Everyone knows that the Republican Congress has passed job creating bill after job creating bill only to have Harry Reid kill it in the Senate. Obama’s job bill was defeated by Democrats and then Senate Democrats supported the Republican version. And this was after Obama’s first shot at a jobs bill was defeated 99-zip.
This is Obama’s economy.