Moody's: It may be time to cut the US credit rating

Note how Moody's presents their statement:

“If the debt limit is raised and default avoided, the Aaa rating will be maintained,” says the press release. “However, the rating outlook will depend on the outcome of negotiations on deficit reduction. A credible agreement on substantial deficit reduction would support a continued stable outlook; lack of such an agreement could prompt Moody's to change its outlook to negative on the Aaa rating.”

They're not saying that raising the debt ceiling will take care of our credit rating. Moody's is saying, clearly, that deficit reduction is the key to "a continued stable outlook." And which party has shown any seriousness at all about tackling deficit reduction?

This may be the strongest signal yet that the financial markets are finding Obamanomics to be literally unbearable.