"Moody's Threatens US With 'Negative' Debt Outlook".
This year's deficit is now estimated at about.85 trillion.Bruce Bartlett (April 29, 2011).Wong, Scott (July 22, 2011).120 At epub reader for playbook the end of 2012, the United States fiscal cliff was resolved in a compromise without expiring the 20 tax cuts, but S P did not downgrade.Debt Talks: Joe Biden Leads Third round Of Deficit Negotiations.Senate from Timothy.Shearer, Geoffrey (November 4, 2010).Retrieved August 12, 2011.In contrast with previous ratings, the agency assumed in the base case scenario that the tax cuts of 20 would not expire at the end of 2012, citing Congressional resistance to revenue raising measures.A survey of 38 economists found that 84 agreed that a separate debt ceiling that is periodically increased could lead to uncertainty and poor fiscal outcomes.Even a very short-term or limited default would have catastrophic economic consequences that would last for decades." 52 Senators Pat Toomey and Jim DeMint expressed deep concern that administration officials were stating or implying that failure to raise the nation's debt limit would constitute.
"Solving the Financial and Sovereign Debt crisis" (PDF).
117 119 A week later, S P senior director Joydeep Mukherji said that one factor was that numerous American politicians expressed skepticism about the serious consequences of a defaultan attitude that he said was "not common" among countries with a AAA rating.
30 Political aftermath edit In the immediate aftermath of the crisis opinion polls showed approval to drop for the Republican Party.
Belen Sbrancia (March 2011) "The Liquidation of Government Debt" National Bureau of Economic Research working paper.
Since Constitutional amendments require a two-thirds majority vote in both chambers of Congress to pass, a vote for a Balanced Budget Amendment would require more support than the Cut, Cap and Balance Act bill achieved in the House vote.95 Matthew Zeitlin added to the counter-argument that, were Section 4 invoked, members of Congress would not have standing to sue the President for allegedly usurping congressional authority, even if they were willing to do so; and those likely to have standing would be people.The May 31 vote was 318 to 97, with all 236 Republicans and 82 Democrats voting to defeat the bill.( Wall Street Journal ) August 15, 2011: The date estimated by the Fitch rating agency and the frbny primary dealer wordpress blog subscription widget Jefferies Co that 29 billion of federal debt interest would have become due, thus triggering a technical sovereign default if the debt ceiling crisis had."House Votes Down Sen.159 It allows the President to request a second increase in the debt ceiling of up.6 trillion upon passage of the balanced-budget amendment and a separate.8 trillion deficit reduction package, to be written by a new "joint committee of Congress." 160 Upon introduction into.