Not exactly sure what impact a downgrade from Moody will have if it happens, but the credit rating agency has issued a threat.

The United States currently has a Triple A rating with Moody, but it is likely to drop should the federal government fail to make the $1.2 trillion in cuts that it intended to do with the Super Committee.

President Obama has vowed to veto any bill that attempts to avert those cuts. Speak of the House John Boehner says he is morally obligated to agree to the 600 billion in cuts to entitled programs and 600 billion in defense cuts.

However, that hasn't stopped some Republicans from looking for a way out of those defense cuts. Senators John McCain (R) and Lindsey Graham (R) are in search for alternatives, while House Republican Howard McKeon is introducing legislation to prevent the cuts to the Defense Department.

In addition to the 1.2 trillion in cuts, Moody also supports the end to the Bush tax cuts as a road to fiscal responsibility.

Tax cuts introduced by President George W. Bush’s administration that are due to expire at the end of 2012 are “one of the most important medium-term questions” for the U.S., Moody’s said today in a statement. Were the personal income-tax rates reductions allowed to end, the growth in debt relative to gross-domestic-product “could well be reversed in the middle of the decade,” the New York-based firm said.