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Now we wait.
Author: Raine    Date: 10/16/2013 13:14:34

There really isn't much to say about any of this. It comes down to a very basic point. The GOP-led House of Republicans created this mess and are now relying on Senate Republicans, who are the minority party, to get them out of this mess.

It's difficult to write about any issues of the day when there is such a large cloud hanging over the Nation. It's almost inconceivable that we are on the verge of defaulting on our debt. Yet, here we are. Less than a day away from doing just that.

Fitch, one of the big three rating agencies, (alongside Standard & Poor and Moody's) has put the country's AAA rating on a negative watch:
The U.S. is the most heavily indebted 'AAA' rated sovereign, with a gross debt ratio equivalent to double that of the 'AAA' median. RATING SENSITIVITIES The RWN reflects the following risk factors that may individually or collectively result in a downgrade of the ratings: - Failure by the government to honour interest and/or principal payments on the due date of U.S. Treasury securities would lead Fitch to downgrade the U.S. sovereign IDR to 'Restricted Default' (RD) until the default event was cured. We would also downgrade the rating of the affected issue(s) to 'B+' from 'AAA', the highest rating for securities in default in expectation of full or near-full recovery.
I hate to be a Debbie Downer here, but this is really not good at all. Billionaire Warren Buffet put it this indelicate way:
"Credit worthiness is like virginity, it can be preserved but not restored very easily, so it is crazy to play around with it,"
Capitol Hill is in chaos right now and no one really knows what is going to happen. In the meantime, federal workers, small businesses and the American populace as a whole are just pawns in a stupid, dangerous and economically disastrous political game that never had to happen. All for the politics of hating a black President.

Speaking of the political side of things, I predict when all is said and done, we will probably see Paul Ryan as the next Speaker of the House. Eric Cantor may be lucky to get re-elected next year. People won't forget this:
But on Sept. 30, on the eve of the shutdown, Republicans quietly changed the House rules so only one person can bring that bill up: Cantor.

Moran said the rules change was "unprecedented" and has left Virginians, along with every one else, at the hands of Cantor to end the shutdown, even though he refuses to do so. The Senate-passed bill already has the votes to pass in the House and would be signed into law by the president, if it were allowed to get a vote.

"Hardest-hit state in the nation," Moran said. "Yet the one person holding this up is the person who represents the state capital, who is the majority leader of the House."
While they tried to circumvent Boehner in a power grab -- they underestimated the power of the internet. We can thank Rep. Chris Van Hollen (D-MD) for bringing this ugly moment to our attention:

We the people deserve better than this. Now we wait to see what we get.


117 comments (Latest Comment: 10/17/2013 03:32:26 by clintster)
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