Former Moody's Economist Says Downgrade Unlikely

Sunday, 31 Jul 2011 10:30 AM

By Hiram Reisner

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Mark Zandi, who was credit rating agency Moody’s top economist, says the framework of a probable debt-ceiling deal should satisfy the markets and prevent a downgrade of the nation’s credit rating from AAA.

But speaking on CNN’s “State of the Union” Sunday, Zandi warned of dire consequences if no deal is reached, according to Poltico.
“I’m not in the rating agency,” Zandi said. “But listening to what they have to say, I think this would be sufficient. This is substantive and should avoid a big downgrade.

“If there is any misstep here it will likely undermine confidence and we will likely slip into recession . . . the economy literally hangs in the balance,” he said.

Zandi also said the proposal for a joint committee to review spending cuts should alleviate markets’ concern about future deficit reduction.

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