Prediction Markets on the Debt Ceiling, U.S. Credit Downgrade

Over at Intrade, there are two "hot" markets involving the odds that Congress will raise the U.S. debt ceiling.

- Congress to approve increase in U.S. debt ceiling before midnight on July 31, 2011: 40% (It was 65% a month ago)

- Congress to approve increase in U.S. debt ceiling before midnight Aug. 31, 2011: 75% (It was 85% a month ago)

And at Irish bookmaker PaddyPower.com, here is the line on a Moody's downgrade:

Will Moody's downgrade the U.S.?

-Yes: 9/2

-No: 1/8