There is no reason to be discussing deficit reduction as part of the debt ceiling bill. We'll be downgraded regardless of whether or not we default.
You see, Moody's has determined that unless we cut our deficit by a minimum of $4 Trillion as part of the debt ceiling bill, the US will lose it's AAA rating.
$4 Trillion in cuts or downgrade says Moody's
We're going to lose AAA rating ANYWAY, since there will be nothing in the debt ceiling bill to cut the deficit by $4 Trillion.
So I don't understand why deficit reduction is part of this "deal".
I don't understand why Dems feel pushing and pulling on the third rail is "winning".
I don't understand why a financial rating company that rated crap securities as AAA has any credibility whatsoever.
Please explain it to me.