NEWS: Monster Prediction From BofA: Another US Debt Downgrade Is Coming In Just A Few Weeks

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SUNDAY, OCT 23, 2011

Monster Prediction From BofA: Another US Debt Downgrade Is Coming In Just A Few Weeks

We expect a moderate slowdown in the beginning of next year, as two small policy shocksâ€”another debt downgrade and fiscal tighteningâ€”hit the economy. The â€œnot-so-superâ€ Deficit Commission is very unlikely to come up with a credible deficit-reduction plan. The committee is more divided than the overall Congress. Since the fall-back plan is sharp cuts in discretionary spending, the whole point of the Committee is to put taxes and entitlements on the table. However, all the Republican members have signed the Norquist â€œno taxesâ€ pledge and with taxes off the table it is hard to imagine the liberal Democrats on the Committee agreeing to significant entitlement cuts. The credit rating agencies have strongly suggested that further rating cuts are likely if Congress does not come up with a credible long-run plan. Hence, we expect at least one credit downgrade in late November or early December when the super ...

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