Obama: “Enough is Enough”; Moodys Threatens Credit Downgrade

Thursday, 14 July 2011 | by Pat's Picks

President Obama stormed out of negotiations yesterday after a disagreement with House Majority Leader Eric Cantor on how to move forward with a debt-ceiling increase reports the Washington Post. Cantor, who supports a short-term extension that would be voted on again before the 2012 elections, was apparently told “enough is enough” by the president, who sources say was frustrated with what he saw as “political posturing.”

In related news, the Wall Street Journal says rating agencies are getting ready to take the unprecedented step of lowering the country’s debt rating in light of the stalled debt negotiations. Moody’s says it’s considering lowering the country’s AAA rating because of the “rising possibility” that the government won’t raise the debt ceiling soon enough.