The Massachusetts’ congressional delegation is protesting a warning from a major credit rating agency that they might downgrade the credit ratings of several municipalities in the state. Moody’s Investors Service announced it would review the possible downgrade of U.S. municipalities and other institutions due to the indirect effects of the possible downgrade of federal government bonds because of the ongoing impasse over the federal debt limit. Moody’s has listed 162 local governments in 31 states.
Mayors from across Massachusetts are calling upon national lawmakers to reach a deal in the debt ceiling talks.
With time running out, the inaction in Washington, DC is on the minds of people across the country, including here in Massachusetts.
Senator Scott Brown Weighs In On The Debt Debate
Soundbytes of the Week are selected by WBZ NewsRadio 1030′s Dave Mager.
Massachusetts officials are drafting emergency plans to keep paying the state’s bills if the stalemate over the nation’s borrowing limit drags past an Aug. 2 deadline.
Former Speaker of the House Newt Gingrich talks with NightSide Nation
Considering how dysfunctional Congress is, can we declare a vote of no confidence, dissolve the body and start over? – Bon, Sandwich
Noted Harvard economist Benjamin Friedman says if a deal on the debt ceiling isn’t reached, the government would have to cut spending by a third and the easiest targets would be Social Security, Medicare and Defense.
As of August 2, the U.S. Congress loses the power to borrow money.