Thanks Barack… Economy Continues to Crumble– US May Lose AAA Rating

Here are today’s Drudge headlines…
California Cities Irked by Borrowing Plan…
Florida’s BANKUNITED; Year’s Biggest Bust…
Recession Turns Malls Into Ghost Towns…
Dollar Falls…
Fed President Says Inflation to Increase…
GM Bankruptcy: As Early As Next Week…

And, there’s more…

The US is about to lose its AAA credit rating thanks to Barack Obama and the tax and spend democrats.
Bloomberg reported:

Treasury Secretary Timothy Geithner committed to cutting the budget deficit as concern about deteriorating U.S. creditworthiness deepened, and ascribed a sell-off in Treasuries to prospects for an economic recovery.

“It’s very important that this Congress and this president put in place policies that will bring those deficits down to a sustainable level over the medium term,” Geithner said in an interview with Bloomberg Television yesterday. He added that the target is reducing the gap to about 3 percent of gross domestic product, from a projected 12.9 percent this year.

The dollar extended declines today after Treasuries and American stocks slumped on concern the U.S. government’s debt rating may at some point be lowered. Bill Gross, the co-chief investment officer of Pacific Investment Management Co., said the U.S. “eventually” will lose its AAA grade.

So now Geithner says he wants to reduce the deficit?
It’s about time:

Team Obama will quadruple the national deficit this year.

But, you can’t trust tax cheat Geithner on this either…
Because as Geithner promises to cut the national deficit democrats across town are currently working on a costly and massive new cap and trade tax that will destroy industry and likely cost $700 to $1,400 dollars per family per year. And, the costly nationalized healthcare plan is coming down the pike.

No wonder Brazil and China are trying to flee from the US dollar.

More… Allahpundit adds:

“We’re facing the following choice eventually: Either increase the monetary supply to meet our obligations and risk massive inflation, or refuse to meet our obligations and suffer a lower debt rating, thereby triggering even more massive deficits. What am I missing here?”

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