Another Credit Downgrade Won't Move Markets

Once again President Obama and the congressional Republicans are in a showdown over the debt: the GOP wants to preserve low tax rates and enact large spending cuts, while the president wants less severe cuts and higher tax revenues from high earners. And just like last year’s tussle over the debt ceiling, ratings agencies like Fitch, Standard & Poor’s, and Moody’s are threatening to ding America’s sovereign credit rating if a long-term deficit deal isn’t reached. The only problem is that it’s unclear who, if anyone, cares about what the major ratings agencies have to say.

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