Whatever the members of the House and Senate do Monday night with the deficit ceiling and deficit-trimming bill that is being put to a vote, the U.S. is not out of the woods yet, according to Morningstar Investment Management economist Francisco Torralba.

Torralba, in an interview with On Wall Street, said the compromise budget trimming measure, which would initially cut $900 billion in expenditures and then another $1.5 trillion to either be voted on later or imposed as across-the-board cuts, are not enough. And, absent either more cuts or tax increases to satisfy the rating agencies -- especially Standard & Poor's -- they could lower the U.S. AAA rating as early as this month to a AA.

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