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Yesterday, the credit ratings agency Moody’s Investor Service warned that it will have to review the U.S. government’s AAA credit rating and possibly downgrade it, given fears that the U.S. will fail to raise the debt ceiling and default on its debt.

Moody’s believes there is a “very small but rising risk of a short-lived default,” due mostly to the refusal of Republicans to raise the debt limit unless Democrats dramatically cut spending on social welfare programs. The determination of the Republicans not to raise the debt limit without spending cuts seems to have taken Moody’s by surprise. “Although Moody’s fully expected political wrangling prior to an increase in the statutory debt limit,” according to a statement released by the ratings agency, “the degree of entrenchment into conflicting positions has exceeded expectations.”

The statement goes on to say that if Democrats and Republicans come to an agreement to raise the debt ceiling and avoid default, the U.S. will keep its perfect AAA credit rating. But they better come to an agreement soon. The U.S. has until August 2nd to raise the debt ceiling and avoid a default, but Moody’s says it will consider downgrading U.S. credit “if progress in negotiations is not evident by the middle of July.”

Moody’s also wants the U.S. to work on reducing its growing deficit and debt, and warned that the U.S. will not maintain a AAA rating in the future if it does not reduce its deficit and debt. Republicans have already demanded that any decision to raise the debt ceiling must be accompanied by a spending cut to reduce future debt. Obama has invited the Republicans to work on a compromise to reduce the debt, trimming some government programs while closing tax loopholes and raising taxes on the wealthy. So far, though, Republicans have refused any deal that includes tax increases. This latest warning from Moody’s, along with increasing pressure from Wall Street, may convince them to make a deal.

President Trump boards Air Force One for his return flight home from Florida on July 31, 2020

Official White House Photo by Joyce N. Boghosian

Reprinted with permission from Alternet

Florida senior residents have been reliable Republican voters for decades, but it looks like their political impact could shift in the upcoming 2020 election.

As Election Day approaches, Florida is becoming a major focal point. President Donald Trump is facing more of an uphill battle with maintaining the support of senior voters due to his handling of critical issues over the last several months. Several seniors, including some who voted for Trump in 2016, have explained why he will not receive their support in the November election.

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