AP News

News Summary: Moody's sees US downgrade if no deal


US RATING IN PLAY: Rating agency Moody's says it likely would cut its "Aaa" rating on U.S. government debt, probably by one notch, if negotiations on the federal budget fail.

FISCAL CLIFF LOOMS: If Congress and the White House don't reach a budget deal, $1.2 trillion in spending cuts and tax increases will automatically kick in starting Jan. 2.

NO DEAL IN SIGHT: House Speaker John Boehner says he's not confident that Congress can reach a deal and avoid a downgrade. No serious negotiations are expected until after the November elections.


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