So now that there is a tentative deal to raise the debt ceiling, most brain-dead Americans and the media will return to their reality-TV obsessions and looking for missing, pretty white girls respectively. But is our AAA rating all that safe now?
We were never going to default on the interest payments on our national debt. Those would have been paid first and some other less important stuff would have been sacrificed. Besides, the investment rating we enjoy isn't just based, as the media would have you believe, on whether we pay our debts. It's partially about that, but it's really about our long-term path and whether it's fiscally responsible or recklessly heading us toward the same cliff we just avoided. If the spending isn't reigned in enough for the analysts, they'll still downgrade our rating, and deservedly so. Then the economy will really tank because suddenly interest rates will skyrocket and nobody will be able to afford to borrow money.
Yes, thanks to tea-party pressure, the notion of raising taxes to pay for the revenue shortfall never made it to the discussion table, but the next job is to rid the legislative branch of as many socialist democrats and RINO republicans as possible and of course rid the country of the two-bit, street-corner pamphleteer the media installed into the presidency. The price of fiscal conservatives not taking control of congress is one debt crisis after another....the uncertainty of which will surely cause a downgrade of our credit rating.