Defense Cuts? Don't Believe Them Until You See Them: One upshot of the debt-ceiling debate is that politicians might finally be ready to trim the outrageously bloated U.S. military budget. That’s the story, anyway, being told by the Washington Post
Congress Warned of Credit 'Downgrade' if War Savings Counted as Deficit Reduction: Senate Democrats' inclusion in their proposed debt package of $1 trillion in savings from the wars in Iraq and Afghanistan may not satisfy ratings agencies threatening a credit downgrade since the wars were expected to end with or without a debt deal.
Swift U.S. action on debt needed in global interest: IMF: - The International Monetary Fund on Monday urged the United States to swiftly raise the debt ceiling to ward off risks of a credit downgrade that could damage the global economy.
Analysis: U.S. credit downgrade 'inevitable': Only seven days stand between the U.S. and the effects of a credit default. But a downgrade of the nation’s stellar AAA credit rating seems a lot more likely, and a lot sooner.
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