"Economists are pessimists: they've predicted 8 of the last 3 depressions."
--Barry Asmus

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Tuesday, August 2, 2011

World News Debt Ceiling Update!

United States
  • The Senate has passed the compromise deficit-cutting/debt ceiling-raising bill by a vote of 74 to 28.
  • President Obama has signed the compromise deficit-cutting/debt ceiling-raising bill into law, but reiterated his belief that it will be impossible for the US to "close the deficit with just spending cuts."
  • Fitch Ratings has announced that they will maintain their AAA rating on US sovereign debt for the short term, but warned that the US "must also confront tough choices on tax and spending against a weak economic backdrop if the budget deficit and government debt is to be cut to safer levels over the medium term."  S&P and Moody's have not yet weighed in on what action they plan to take, since the compromise did not meet the $4 trillion in cuts the agencies said would be required to guarantee a top rating.

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