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A scenario former United States Treasury Secretary Henry Paulson described as “unthinkable” during a recent discussion in Aspen is apparently imaginable in the minds of Moody's Investors Service. Moody's is the first of the big-three rating agencies to place the United States' triple-A rating on review for a possible downgrade. The agency said there is a small but rising risk the federal government could default on its debt.
The stock market dipped this week following news that the S&P Index dropped its outlook on the United States’ credit rating from “stable” to “negative.” The cut isn’t an official assessment, but merely a hint at what may be in the cards for America’s credit rating if the national debt isn’t tackled.
Sen. Michael Bennet today questioned Federal Reserve Chief Ben Bernanke on how to address U.S. debt and deficit. Bennet also asked Bernanke for his thoughts on the work of the deficit commission.