Moody’s to Congress: No, Seriously, Raise the Debt Ceiling

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Moody's Investors Service warned yesterday that it would downgrade the United States' AAA credit rating if Congress didn't reach a deal to raise the debt ceiling in the "coming weeks." If that happens, interest rates could rise, which is not good news. Moody's also said yesterday it was eyeing Bank of America, Citigroup, and Wells Fargo for potential downgrades as well, now that the Dodd-Frank bill indicates the government is no longer willing to prevent them from failing in a crisis. [NYT]