The Wall Street Journal reports that Bank of America is probably going to cut the U.S. credit rating anyway.
Bank of America-Merrill Lynch says in a note that the U.S. credit rating will likely be cut to AA by the end of the year. Even though the house believes a stopgap deal will come at the last minute, any follow-up deal is likely to be disappointing and will fail to provide a credible long-term fiscal solution or lift rating agency concerns.
In fact, in the past 30 years, we have had 17 deficit commissions and the national debt has gone up $13 trillion. Any new deal would just be par for the course on this. Congress will not account honestly for its spending and Barack Obama wants more taxes to spend even more.The only plan that can pass by August 2nd and that will actually put us on a long term path to a balanced budget is Cut, Cap, and Balance.The U.S. House Republicans should hold the line on this. They should absolutely not yield and not deal and not compromise. Compromise is not a dirty word for any old reason. It is a dirty word because the compromises we have been subjected to in Washington have gotten us into this mess.Hold the freaking line.