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.