As Moody's downgrades US, Congress negotiates even lower taxes
- Moody's downgraded the US credit rating on Friday.
- According to the agency, income is too low and expenditure is too high.
- The budget plans now being negotiated by Congress appear likely to make that worse.
The question was not so much whether Moody's would downgrade the United States, but when the credit rating agency would do so. The timing with which it follows its peers Fitch and Standard & Poor's is explosive, because Republicans in Congress are this week engaged in difficult negotiations over a new budget that could add trillions of dollars in additional government debt.
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