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As ratings agency Moody's considers the possibility of cutting the US AAA debt rating, concerned that the US could default on its debt obligations, we publish a recent editorial statement of the US Socialist Appeal on the forthcoming wave of massive cuts in public spending in the United States. As the article points out, “the capitalists must impose a new normality on the U.S. working class. The crisis of their system means that small cuts or adjustments are no longer enough. The hatchet is out now...”