Moody's Says US May Be Cut If No Progress on Debt Limit

(Adds Geithner comment in fifth paragraph.)

June 2 (Bloomberg) -- Moody’s Investors Service said it will put the U.S. government’s Aaa credit rating under review for a downgrade unless there’s progress on increasing the debt limit by mid-July.

“The heightened polarization over the debt limit has increased the odds of a short-lived default,” New York-based Moody’s said in a statement today. “If this situation remains unchanged in coming weeks, Moody’s will place the rating under review.”

Treasury Secretary Timothy F. Geithner has warned that a failure to raise the debt ceiling by Aug. 2, the date he now projects borrowing authority would be exhausted, may have catastrophic effects on the U.S. economy by sharply raising borrowing costs. Republicans are using the debt-ceiling talks to press for cuts in government spending.

Geithner today predicted that agreements would be reached on both issues.

“I’m confident two things are going to happen this summer,” he told reporters after meeting with freshman House members at the Capitol. “One is we’re going to avoid a default crisis, and we’re going to reach agreement on a long-term fiscal plan.”

House Speaker John Boehner, Republican of Ohio, used the Moody’s statement to underscore his party’s position that any deal on raising the $14.3 trillion debt ceiling must be accompanied by a plan to reduce budget deficits.

‘Credible Agreement’

“An increase in the debt limit without major spending cuts will hurt our economy and destroy jobs,” Boehner said in a statement. “A credible agreement means the spending cuts must exceed the debt-limit increase.”

In April, Standard & Poor’s put the U.S. government on notice that it risks losing its top AAA credit rating unless policy makers agree on a plan by 2013 to reduce budget deficits and the national debt.

The announcement by S&P marked the first time the U.S. credit outlook was questioned since 1995 and 1996, when a dispute between then-President Bill Clinton and House Speaker Newt Gingrich led to government shutdowns. Fitch Ratings put U.S. debt on a “negative ratings watch” in November 1995 until spring 1996, and Moody’s put some U.S. government bonds on review for a possible downgrade in January 1996.

Home Audio Speakers-Pyle Home PDIC60 250-Watt 6.5-Inch Two-Way In ...

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