Tax cuts

Moody's announced Friday evening it was downgrading the US to Aa1 from Aaa, reinforcing Wall Street's growing worries over the nation's fiscal outlook as Capitol Hill debates even more unfunded tax cuts.

The ceiling kicked back in at the start of the year, since when the Treasury has been using special accounting maneuvers to make good on all obligations on time.

The confabs are a sign that Republicans are getting serious about negotiating the contours of a tax deal, even as the House and Senate are pursuing separate strategies.