Moody’s To Congress: Fish Or Cut Bait

… or, as my late father always said instead, shit or get off the pot. TPM’s Benjy Sarlin:

Moody’s Investment Service will likely downgrade America’s credit rating if Congress can’t reach agreement on a debt ceiling increase by mid-July, the firm said in a statement Thursday.

The major credit rating firm warned that political bickering has gotten out of hand and that they were concerned the two parties’ may not reach a deal before the country defaulted on its obligations, which the Treasury Department warns will occur in early August, setting off a financial crisis.

“Although Moody’s fully expected political wrangling prior to an increase in the statutory debt limit, the degree of entrenchment into conflicting positions has exceeded expectations,” the statement read. “The heightened polarization over the debt limit has increased the odds of a short-lived default. If this situation remains unchanged in coming weeks, Moody’s will place the rating under review.”

Think for a moment about this warning. It is, inevitably, directed more to the GOP than to the Democrats. Which is the Party of Wall Street? Of course, it’s the GOP. Which party’s “clients” have the most to lose from a default and its consequent degradation of the U.S.’s credit rating? Again, it’s the GOP. Which party has the ability to end the conflict in a single stroke? Again, without a doubt, it’s the GOP: the Democrats have conceded point after point after point, and despite all the cuts in the budget, seem to be no closer to a working compromise than they were a week or so ago.

So Moody’s is telling the GOP: shit or get off the pot. I know of no party more qualified for the “shit” part than the GOP, and time is running short.

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  • Bryan  On Thursday June 2, 2011 at 11:25 pm

    Boehner doesn’t control his caucus. That is the basic problem here. The Tea Party Republicans don’t get it, and don’t know they need the support of the financial sector. They don’t know where the money for their campaigns came from, or how hard it will be to run a campaign without money. They are amateurs and convinced they are right.

    This is going to be a disaster.

    • Steve  On Friday June 3, 2011 at 8:54 am

      Bryan, the TP people are a bunch of ignorant dupes, and I cannot help thinking that even those who funded and fielded them are no longer in control of them. Certainly Boehner is not But somehow there is a fitting irony if America finally gets its much-needed third party only to find that it contains the seeds of our society’s destruction.

      Their tricorn hats amuse me, though: those idiots would not have survived 10 minutes in colonial times. What an affectation!

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