Moody's might downgrade us to AA anyway?

Please forgive me for citing Sean Hannity as a source, but I just heard him say, this on the
Mark Levin radio program.

According to Hannity, Moody's is going to downgrade us to a AA rating unless there are more than
3 trillion in cuts in this bill?

Is this true? If so, the implications are disgusting! The business sector gets to blackmail
us with a catastrophic downgrade, unless we implement Grover Nordquist's plan to shrink government
down to the size where it can be "drown in a bathtub"?

I do not know if this is true, but I figured someone here might be able to provide some context.

but they are going to anyway.

It was in the pipeline, and why the damage (just how bad was the question) was already done.

Very interesting. I'll have to get on the Google, I suppose. ;)

What a firestorm that will be, if we are downgraded.

Thanks for the info...I hope you are well. :)

posted the latest story from WSJ, but NPR went on this earlier as well

It's a plausible story, but you'll have to come up with a better source.

Radio, so sorry no link.

By Stephen L. Bernard
Of DOW JONES NEWSWIRES

Though Moody's Investors Service and Standard & Poor's Ratings Services said late Sunday they would not immediately comment on the tentative debt deal reached by President Barack Obama and Congress, past comments from the ratings agencies indicate the U.S. government's perfect credit rating could still be in jeopardy.

S&P had repeatedly said since putting the U.S. rating on review for possible downgrade that it wanted to see a deficit-reduction plan that was around at least $4 trillion. The tentative deal reached earlier Sunday appears to fall well short of that level. The agreement calls for a $2.4 trillion reduction to deficits over the next 10 years.

If S&P determines the deal falls short of meaningfully changing the trajectory of U.S. deficits, it could still cut the government's triple-A rating. S&P had previously said a downgrade would likely be into the AA range, which means the U.S. could still see its rating cut between one and three notches. A cut in the rating could lead to higher borrowing costs for the U.S.

http://online.wsj.com/article/BT-CO-20110731-706093.html

Sorry this is the most recent, but NPR was going on this last night as well

This must have been the information that Hannity was citing--because this is exactly what Levin said that
Hannity said.

I guess this will be an interesting week.

I can expect the spin to be epic.

Of course when the economy further slows down and unpemployment goes up... it will get even worst.

But spin is all there is left.

I hadn't heard this before. It appears that other DUer's have heard this, as stated
in their posts.

That's why I posted this, even if it was from disgusting Sean Hannity. It's huge news
and the consequences are unimaginable. It's that important and I thought it should
be posted.

I'll try to find other sources.

We now have better sources than Sean Hannity.

Man, that was quick.

No private sector firm should be able to blackmail the nation like that.

For one firm to hold that much power in their hands--and to have the power to manipulate
the government into compliance with what THEY want--should be a CRIME!

Their formulas benefit them.

And watch interest rates on US treasury bonds, not ratings agencies.

Those criminals and Standard and Poor's . . . why are they even listened to?

he is surrounded by teaparty facists and bankster mafia.. these ratings agencies are another branch of La Familia apparently.

Another nice chapter to this. We'll be told that we must cut, cut, cut entitlements
even more--or our economy will collapse.

How can actions like that, by a corporation, be legal?

it sounds like cuts but it's not that draconian and over a long perios of time, no cuts in 2013:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=433x729522

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=433&topic_id=729230&mesg_id=729230