Even though no one else liked it, Moody's appears to have tolerated Congress's crunchtime deal to raise the debt ceiling and cut spending before the August 2 day of reckoning. As Bloomberg reported last night, the credit rating agency has maintained the United States AAA credit rating for the time being and is now only warning of possible downgrades. Which, considering the frenzy that engulfed the beltway the past several weeks, seems like a positive development.

Speaking to Bloomberg, Steven Hess, the senior credit officer at Moody’s in New York, said the deal "is a positive step toward reducing the future path of the deficit and the debt levels...We do think more needs to be done to ensure a reduction in the debt to GDP ratio, for example, going forward."  On Tuesday, the Fitch rating agency seemed to echo the sentiment saying, as the Dow Jones Newswire reported, that the deal was "'a step in the right direction,' but cautioned the government still has more work to do to maintain its pristine credit rating."