President Obama went to the American public via TV, figuring that if they were sufficiently ignorant of the facts to vote for him in the first place, then they are likely continuing in their ignorance of what’s really going on with the nation's over-maxxed credit cards and what it’s going to do to our country’s credit score. In his own words:
"That's not leadership. That's not going to happen,"
“What I think is underappreciated until now is a possible outcome whereby the debt ceiling is increased, debt default is avoided, but one of the rating agencies feels compelled to downgrade America’s AAA because of insufficient agreement on medium-term fiscal reform,” Mr. El-Erian said.
If the country were to lose its vaunted rating, the federal government, companies, homeowners and innumerable others would see their costs skyrocket — a situation that would certainly send the markets into a downward spiral.