US AAA Credit Rating in Jeopardy

From today’s Bloomberg News: The U.S. has moved “substantially” closer to losing its  AAA credit ratings as the cost of servicing its debt rose, according to Moody’s Investors Service.  Under the ratings company’s so-called baseline scenario, the U.S. will spend more on debt service as a percentage of revenue this year than any other top-rated country except Great Britain, and will be the biggest spender from 2011 to 2013.

Rep. Peter Roskam wrote a piece for National Review Online that provides a great dicussion of  the implications of a downgrade of our credit rating.