From the wire:
*MOODY'S SEES CUTTING U.S. WITHOUT DEAL TO LOWER DEBT/GDP RATIO
Parse that and think about it.
That's public (not including Social Security and Medicare) debt-to-GDP by the federal government.
We're using the Federal Government's borrowing to cover for the fact that the private economy hit the debt-acceptance wall in 2007.
That's why it's happening -- the government is desperately trying to evade recognition of the serial bubble blowing of the last 30 years and the economic consequences that must follow from what we have done.