They have been threatening to do this for months now. The shoe dropped last night after the market closed, and it was all over NPR this morning. Fox has talked about little else all day.
There are two angles to this, financial and political. Financial means effect on saleability of US treasury bonds and the interest rate there of. We won't know much until the markets open on Monday. Political means its effect upon Obama's re election campaign. That's already started, and we can expect Republicans to make a big deal of this thruout the 2012 elections. At a guess, the financial effects will be small, especially compared to the stock market fall Thursday and Friday.
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