U.S. Facing Second Downgrade -BofA/Merrill
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Deficit issues may lead to another untimely downgrade of U.S. debt.
According to Bank of America's (NYSE: BAC) Merrill Lynch unit, the U.S. Congress being unable to agree on a credible long-term plan for U.S. deficit reduction might garner a downgrade from Moody's or Fitch.
Standard & Poor's lowered its investment rating on the U.S. in August over concerns about the deficit and rising debt.
The NY Post notes, should the 12-member Congressional committee fail to agree on a plan before November 23rd, about $1.2 trillion in automatic spending cuts will be triggered, beginning in 2013.
According to Bank of America's (NYSE: BAC) Merrill Lynch unit, the U.S. Congress being unable to agree on a credible long-term plan for U.S. deficit reduction might garner a downgrade from Moody's or Fitch.
Standard & Poor's lowered its investment rating on the U.S. in August over concerns about the deficit and rising debt.
The NY Post notes, should the 12-member Congressional committee fail to agree on a plan before November 23rd, about $1.2 trillion in automatic spending cuts will be triggered, beginning in 2013.
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