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By Andrew P. Napolitano
Obama's veil of secrecy is pierced
Topic - Ed Parker
The Fitch credit rating agency has warned that it is reviewing the U.S. government's AAA credit rating for a possible downgrade, citing Thursday's looming deadline to increase the nation's borrowing limit.
Fitch Ratings on Tuesday afternoon warned that it may downgrade the U.S. credit rating from triple-A as a result of the congressional impasse that is forcing the Treasury to hit its borrowing limit on Thursday and could lead to a first-ever default on Treasury securities within days after that.
One of Wall Street's leading credit-rating firms Tuesday afternoon warned that it may downgrade the U.S. credit rating from AAA as a result of the congressional impasse that could force the Treasury Department to hit its borrowing limit on Thursday and could lead to a first-ever default on Treasury securities within days after that.
Even if the Treasury Department withholds payment from some citizens so it can make debt payments, doing so "would damage the perception of U.S. sovereign creditworthiness and the economy" while diminishing American status and prestige in global financial markets, Mr. Parker said.
"The U.S. authorities have not raised the federal debt ceiling in a timely manner," said Fitch Managing Director Ed Parker. "Although Fitch continues to believe that the debt ceiling will be raised soon, the political brinkmanship and reduced financing flexibility could increase the risk of a U.S. default."