Thanks Barack… Fitch Cuts US Economic Outlook to Negative
Fitch Ratings cut the US economic ratings to negative today. The new outlook indicates a 50% chance that the company will downgrade the US in the next two years.
FOX Business reported:
Fitch Ratings kept its pristine AAA rating on the U.S. on Monday, but the credit-ratings company downgraded its outlook to “negative” in the wake of the Supercommittee’s failure to find $1.2 trillion in spending cuts.
The development, which had been hinted at last week, could have been worse for the U.S. as McGraw-Hill’s (MHP: 41.20, +0.66, +1.63% ) Standard & Poor’s slashed its credit rating for the first time ever in August.
However, the negative outlook indicates a “slightly greater” than 50% chance that Fitch downgrades the U.S. over the next two years.
“Failure to reach agreement in 2013 on a credible deficit reduction plan and a worsening of the economic and fiscal outlook would likely result in a downgrade of the U.S. sovereign rating,” David Riley, a managing director at Fitch, said in the report.
For the record…
The Obama administration tripled the US deficit in a year.
The Obama deficit reached $1.299 trillion this past year. It was the third year in a row that the deficit was over a trillion dollars. (The Captain’s Comments)
But, democrats refuse to cut spending.
And, they blame the current crisis on the Republicans.