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In a report Sept. 21, Standard & Poor's noted that the weaker global backdrop, combined with generally high inflation, could slow the pace of upgrades for some Asia-Pacific sovereigns and could bring rating reductions for countries with weak balance sheets.
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The sharp improvements in the current accounts of Malaysia, Thailand, Indonesia and South Korea have also helped bring rates down.
It lent euro69.3 billion ($63 billion) to euro-area banks at 4.25% to bring rates down.
In response, President Obama said that he, too, wanted to bring rates down for the middle class.
"The pledge specifically says you can eliminate tax deductions if you bring rates down at same time," he said.
Cutting those rates would not only make permanent the Bush tax cuts but would actually bring rates below their current levels, particularly at the high end.
"Risks of deflation and the general woes of the economy clearly imply that the MPC will bring rates down as far as it can.
But Gregory V. Serio, Mr. Pataki's new insurance superintendent, insisted that the package of measures would bring rates down, though he would not say when or by how much.
But it was then swift to bring rates down, from 4.25% at that time to 1% half a year later (see chart 1).
It calls for raising revenue by $300 billion, but it would also make permanent the Bush tax cuts, and would bring rates below their current levels.
We want to bring rates down for all Americans so that we've got a fairer tax code," Mr. Boehner said.
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