Chicagoans in the mist of Moody’s US downgrade warning

Chicago – Local Chicago area residents are concerned about a possible U.S. downgrade by Moody’s over America’s debt concerns. The financial rating service is considering reducing America’s triple A credit rating, if the U.S. fails to raise its $14.3 trillion borrowing limit to avoid default.

The White House and Congress must meet an August 2^nd deadline before the threat of a possible default arises. Local Chicago area business investors are concerned that the United States could possibly be in a position to default on bond payments. “There is a concern, that the greatest superpower in the world would fall behind drastically by missing a payment on its debt,” says Lloyd Bowman, owner of online internet station Chicago House Radio. “In turn, this would weaken the strength of an already beaten down U.S. dollar.”

Investors are feeling the pinch on Wall Street. The euro strengthened versus the dollar Wednesday upon Moody’s announcement.