Despite the announcement of the debt deal, Glenn was convinced on Monday's radio show that Moody's would be downgrading America no matter what the deal said. Why? And what will happen is Moody's does downgrade?
"Moody's has said that they are going to downgrade our credit rating. In case you don't know what that means, it's the same as your credit score. You go in and buy a car. If you have a bad credit score, you're charged more interest. If you have bad credit rating for credit card, you're charged more interest. That is exactly what it means when we lose our AAA status, we will be charged more interest," Glenn said.
And what about the charges that the debt deal is ultimately a victory for the Tea Party or that the Tea Party is now running Washington?
"I got news for you. The Tea Party didn't win. This deal doesn't do that, but here's what will. Whether you like it or not, left, right, middle, extreme left, extreme right, doesn't matter. The end of the American empire is here because Moody's, S&P and Fitch will downgrade us just like Egan‑Jones downgraded the United States of America's full faith and credit. They downgraded us this weekend. It has nothing to do with the debt ceiling. It has everything to do with spending."