Even if the American jobs act is not deficit neutral, it will have a significant effect in the future, through spending more in the present to speed the American recovery period and prevent a double dip recession. During the boom period it will be significantly easier to pay any increased deficit back. Further, even if the American credit rating is to be downgraded further, changes in the credit rating are played to be more significant than they actually are. The Japanese for example have had their credit rating downgraded by Moody’s to Aa3, however, bond interest in Japan is 2% at its highest levels on long term Japanese bonds whereas it is 3% in the U.S.7  The change in the credit rating of Japan did very little to increase interest on its bonds. The reason is that investors still believe that Japan is a stable market despite its deficit which amounts to 233% of annual economic output. As such, even if the credit rating of the U.S. does get downgraded it is likely to do little in terms of increasing U.S. bond repayments over time. Further, financing the American Jobs Act through a greater deficit could be seen by many rating agencies as a fiscally responsible move and as such would not lead to them downgrading the rating at all.8