MICHAEL WALSH: Uncle Sam’s Sinking Credit.

UPDATE: Skunked. “This country appears to have an off-balance-sheet, unrecorded debt burden of close to 500% of GDP! We are out-Greeking the Greeks, dear reader.”

ANOTHER UPDATE: Clive Crook: “If I were a ratings agency, by the way, US government bonds would already be less than AAA. The unresolved quarrel over the debt ceiling is reason enough all by itself for a lower rating.”

Also: Defending S&P’s Negative Outlook on U.S. Debt.

MORE: Uncle Sam’s Books Would Land CEOs In Jail.