Moody's fired a warning shot on Wednesday when it stated that the United States could lose its AAA credit rating unless economic growth was better than expected. This could have a huge impact on the U.S. economy.

There are two stories here... One is the fact that Moody's fired this warning shot. The second is the fact that the legacy media in the U.S. has pretty much not reported this important story.

First, Moody's report:

Moody's Investors Service fired off a warning on Wednesday that the triple A sovereign credit rating of the US would come under pressure unless economic growth was more robust than expected or tougher actions were taken to tackle the country's budget deficit...

'Unless further measures are taken to reduce the budget deficit further or the economy rebounds more vigorously than expected, the federal financial picture as presented in the projections for the next decade will at some point put pressure on the triple A government bond rating,' the rating agency added in an issuer note.

This is a pretty significant change from just a few weeks ago when Moody's said "We expect a pretty strong policy response in the next couple of years in order to keep the debt in the Aaa range. We expect them to bend but not to break." Yet just days after President Obama revealed his proposed budget, Moody's outlook and warnings have become far more stern.

The impact of a reduction in the United States' credit rating would be significant. This would lead to higher interest rates that the Federal Government would have to pay on trillions of dollars of debt, leaving less money for actual government functions. This would most likely lead to higher taxes and would put upward pressure on interest rates throughout the economy.

The fact that Moody's made this statement just days after Obama's budget was revealed was not an accident. And it is newsworthy.

But if you wanted this news, you probably didn't get it from the major legacy media in the U.S. **I** certainly didn't find out about it in American news. Someone mentioned it on Facebook and then I had to Google for it. Most of the articles were in business publications or in the UK. I also found the story on Reuter's but apparently none of the main legacy media sources felt it was a story worth publishing.

The possibility of the U.S. losing the AAA credit rating it has had since 1917 is huge news. In the context of the president revealing his budget plans, the credit rating story should be making headlines. Once again we have a case of absolute negligence in American journalism.