Moody’s noted that the supercommittee’s failure does not bode well for future efforts to tame the deficit before the 2012 elections.
The nation’s top credit rating is “unaffected” by the failure of the supercommittee to reach a deficit-cutting deal, Moody’s Investors Service announced.
In a news release, the credit-rating agency said the nation’s AAA rating, which currently has a negative outlook, will remain the same for now, even though lawmakers failed to reach an agreement to substantially reduce the deficit.
While the supercommittee failure was seen as a major event on Capitol Hill, Moody’s said its dissolution does not substantially change America’s fiscal math. The panel failed to come up with its own plan to cut at least $1.2 trillion from the deficit, but now automatic cuts of that same amount are set to take effect in 2013.
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Source: Peter Schroeder | The Hill