Block says S&P warning adds urgency

Former Ag Secretary John Block says with ratings agency Standard and Poor's lowering its outlook on US debt farmers and others face a grim economic landscape without swift action by Washington. Block says the US must cut spending and raise some taxes or face the loss of its triple-A bond rating that allows the government to borrow money so cheaply.

Standard and Poor's warned that the US could lose its coveted status as the world's most secure economy if lawmakers don't rein in the nation's nearly US$14.3 trillion debt (UK£8.725 trillion).  S&P changed its US debt outlook from stable to negative. Block says that adds new urgency to the debate over whether to allow continued borrowing by the Treasury. Read more ...

 This blog is written by Martin Little The Global Miller, published and supported by the GFMT Magazine and International Milling Directory from Perendale Publishers