Photo by Chris Savage | Eclectablog
As Republicans continue to act like the “aggregation of petulant children” that Dean of the House Congressman John Dingell called them out to be, Fitch Ratings is “accelerating” its timetable toward downgrading the credit rating of the federal government:
The Republican-controlled House will vote Tuesday night on a plan to reopen the federal government and avoid a first-ever default on the nation’s debt, only two days before the government exhausts its ability to borrow money…The plan contained several provisions that Democrats have strongly opposed.
The House action came as Fitch Ratings, a credit rating agency, announced Tuesday afternoon that it was accelerating its timetable for a potential U.S. credit rating downgrade, among the first concrete effects of the standoff. If Fitch follows through, it would become the second credit rating firm to downgrade U.S. government debt, potentially triggering ripple effects across a range of financial markets.
“Political brinkmanship and reduced financing flexibility could increase the risk of a U.S. default,” Fitch said late Tuesday. “The U.S. risks being forced to incur widespread delays of payments to suppliers and employees, as well as Social Security payments to citizens — all of which would damage the perception of U.S. sovereign creditworthiness and the economy.”
U.S. stock index futures fell…S&P 500 futures fell 9.6 points while Dow Jones industrial average futures sank 60 points and Nasdaq 100 futures fell 7.5 points.
Good going, Republicans. You built that.
Or perhaps should I say you tore that down