Not the same at all considering there is no set payment date or "bill" that arrives in this case. But a useless argument nonetheless...
The "bill" is the regular budget process, which any responsible party would complete according to a set schedule.
What do you mean by bigger?
If my memory is correct, Obama and Bahner were close to a deal to would have cut much more, but House Repubs scuttled it, and Bahner had to back out.
The debate had been started- it just kept going til the end. That was going to happen either way- even if they started 2 months earlier than they had.
It's going to keep happening as long as people keep drinking the Congress PR baloney koolaid and rationalizing irresponsible behavior by those who the Constitution dictates are responsible for budgets.
They aren't actually "errors" - this is just the White House trying to bully its way to a reversal.
The rating agency admitted the error almost immediately. But they decided to still downgrade, citing their lack of confidence in the political system.
And herein lies the problem with rating agencies- there is so much pressure from those who they are rating that it makes objectivity difficult.
Yes, we agree here, why the rating agencies still have credibility is a puzzle. I guess investors need something, and they're the only game going?
I know you're trying to be "realistic" but has it occurred to you how real it could get if this spins out of control?
The last time we had a great depression it brought us to WWII. Would you like to try that again, but this time with nuclear weapons?
No shit, I'm not being hysterical, having the world's core currency downgraded is serious business.
