Moody's lifted the rating from "negative" to "stable" and affirmed the country's AAA rating. In a statement, it said the U.S. economy has demonstrated resilience in the face of major cuts to government spending. The country is on track to report its lowest annual deficit in five years.
In Washington, the man responsible for putting the IRS in the hot seat the last couple months found himself in the same harsh glare yesterday. The Treasury Department inspector general was grilled about which groups were flagged for extra scrutiny as they applied for tax exempt status. J. Russell George's reports focused on the targeting of Tea Party groups, but Democrats have released IRS documents showing liberal groups were also on watch lists. As NPR's Tamara Keith reports, they want to know why his report didn't mention this.
Detroit has become the biggest American city ever to file for bankruptcy, seeking Chapter 9 protection from creditors and unions owed some $18.5 billion in debt and liabilities. What's ahead for debt-ridden Detroit? Quinn Klinefelter WDET.