US AAA Credit Rating in Jeopardy

From today’s Bloomberg News: The U.S. has moved “substantially” closer to losing its  AAA credit ratings as the cost of servicing its debt rose, according to Moody’s Investors Service.  Under the ratings company’s so-called baseline scenario, the U.S. will spend more on debt service as a percentage of revenue this year than any other top-rated country except Great Britain, and will be the biggest spender from 2011 to 2013.

Rep. Peter Roskam wrote a piece for National Review Online that provides a great dicussion of  the implications of a downgrade of our credit rating.

"Congresswoman McMorris Rodgers represents the fifth district of Washington State. She is also the Vice Chair of the House Republican Conference, the highest ranking woman among House Republicans.  Check out her blog on her official Congressional website.

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