Will Moody’s Rank AAA-merica as Ca-merica?

Moody’s Investors Service warned that it might review the government’s Aaa debt rating for a possible downgrade as early as next month if there is no progress toward a deal in Washington to increase the $14.294 trillion federal borrowing limit and cut deficits.

A short time after that announcement Thursday, a meeting at the White House illustrated why reaching a debt agreement has proven so difficult. House Democrats pressed President Barack Obama to insist that tax increases — something Republicans say they won’t agree to — be part of any budget agreement that requires deep spending cuts.

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