It’s not surprising that politicians plead to stop Standard & Poor’s credit warning, they cannot risk losing their pristine rating. After all, there is now a one-in-three chance that the S&P; will downgrade the US Government’s rating in the next two years. Considering S&P; can’t survive without government, though, I give them a lot of slack for doing it anyway.

By contrast, Moody’s is taking a more positive tone: “Moody’s baseline assumption “is that meaningful progress toward [reducing debt ratios] will be achieved within the next 18 months.”

Good luck keeping that assumption with a straight face. This should be an interesting few years.

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