Remember how some people were saying the only thing wrong with the stimulus was that it wasn't big enough? Well, that's how I feel about the sequester:
Credit rating agencies are shrugging off sequestration, saying the U.S. government will need to do more to reduce the deficit if it wants to prevent a downgrade of the nation’s credit rating.
While the agencies say the $85 billion in automatic spending cuts represent at least a step towards deficit reduction, they argue much more is needed to prevent the United States from losing its “AAA” rating.
So quit yer whining; we've got a long way to go. Just saw a poll in which more than half the people in the country think the sequester will probably hurt them personally. Jeez. Props to the fearmongers.
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So the rating agencies are claiming that much more is needed for the United States to keep its "AAA" rating. So what? The last time the agencies reduced the ratings of Federal Government bonds nothing happened. The treasury continued to sell its bonds at very low interest rates with no drop in quanities demanded while China continued to convert its holdings of US dollars into interest bearing Treasury Bonds.