Republican Party Lands Plane
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"Republican Rule And Economic Catastrophe: A Lockstep Relationship"
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WASHINGTONAs the clock ticks down for lawmakers to raise the federal government's borrowing authority, credit rating agency Fitch warned Tuesday after markets closed that it may downgrade U.S. debt.
Fitch has placed its "AAA" U.S. credit rating on "rating watch negative," a step that would precede an actual downgrade. The agency said it expects to conclude its review within the next six months. The firm says it expects the debt limit will be raised soon, but adds, "the political brinkmanship and reduced financing flexibility could increase the risk of a U.S. default."
"The prolonged negotiations over raising the debt ceiling (following the episode in August 2011) risks undermining confidence in the role of the U.S. dollar as the preeminent global reserve currency, by casting doubt over the full faith and credit of the U.S.," Fitch said in laying out its reasons for the possible downgrade. "This 'faith' is a key reason why the U.S. 'AAA' rating can tolerate a substantially higher level of public debt than other 'AAA' sovereigns."
Fitch is one of the three leading U.S. credit ratings agencies, along with Standard & Poor's and Moody's. S&P downgraded U.S. long-term debt to "AA" in August 2011.
The Treasury Department has said it will run out ways to pay the country's bills after that date, raising concerns that the U.S. could default on its debt for the first time.
Financial markets slid Tuesday as investors awaited signs of progress on a deal in Congress to reopen the government and raise the debt limit.
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Republican presidential candidate, Pat Buchanan, the living American who has served longest as a White House senior staff adviser, observed: “The Republican philosophy might be summarized thus: To hell with principle; what matters is power, and that we have it, and that they do not.” “Where the Right Went Wrong"
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Republican presidential candidate, Pat Buchanan, the living American who has served longest as a White House senior staff adviser, observed: “The Republican philosophy might be summarized thus: To hell with principle; what matters is power, and that we have it, and that they do not.” “Where the Right Went Wrong"
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The Daily Show Asks A Real Hostage Negotiator How To Handle The GOP. (Video)
"The Reign of Morons Is Here," Charles P. Pierce, The Atlantic
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"The Reign of Morons Is Here," Charles P. Pierce, The Atlantic
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"A Southerner Explains Tea Party Radicalism: The Civil War Is Not Over"
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Diane Rehm's Brilliant Panel Discussion: "Possible Repercussions Of A U.S. Debt Default At Home And Abroad"
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"The Great Recession Vaporized 40% Of Americas's Net Worth. The Tea Party Intends Worse."
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Diane Rehm's Brilliant Panel Discussion: "Possible Repercussions Of A U.S. Debt Default At Home And Abroad"
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"The Great Recession Vaporized 40% Of Americas's Net Worth. The Tea Party Intends Worse."
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"The Shutdown Is A Republican Civil War" by Ezra Klein
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Republican Rule And Economic Catastrophe: A Lockstep Relationship"
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"Politics and Economics: The 101 Courses You Wish You Had"
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"Republicans for Revolution," A Study In Anarchic Apocalypticism
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"Sarah Palin As The Mad Hatter" (Image)
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"Shocking Development: Republicans Shut Down Prefrontal Cortex"
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"Jon Stewart Nails GOP Demands For Re-Opening Government"
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Republican Rule And Economic Catastrophe: A Lockstep Relationship"
***
"Politics and Economics: The 101 Courses You Wish You Had"
"Politics and Economics: The 101 Courses You Wish You Had"
***
"Republicans for Revolution," A Study In Anarchic Apocalypticism
***
"Sarah Palin As The Mad Hatter" (Image)
"Sarah Palin As The Mad Hatter" (Image)
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"Shocking Development: Republicans Shut Down Prefrontal Cortex"
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"Jon Stewart Nails GOP Demands For Re-Opening Government"
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