Despite Deal, US Credit Rating Could be Downgraded

Wednesday, 03 Aug 2011 10:43 AM

By T.M. Golub

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Despite dodging the default bullet by reaching an agreement to raise the debt ceiling, the nation’s credit rating might still be in danger and downgraded because of, among other things, runaway healthcare spending, the website Reason.com reports.
 
Washington spending is so flagrant that that even the budget proposal authored by Rep. Paul Ryan, R-Wis., was predicated upon increasing the federal debt, and therefore the debt limit, in the near term, the website says.
 
The deficit-reduction compromise will not stem the tide of healthcare spending seen as exponentially adding to the federal debt as Obamacare is implemented. The figures involved will drive the federal debt limit to heights that are unsustainable, says Reason.com.
 
The biggest success of recent days is that federal spending has dominated the airwaves and every single newscast, the website says, giving credit to the tea party movement and the constituents that sent supporting lawmakers to Congress last November.

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