Time is running out for Washington to get its act together on the debt ceiling. On Wednesday, credit rating agency Moody’s put the U.S. debt rating on review for possible downgrade. It had warned that a formal review announcement would come if the debt ceiling dispute wasn’t resolved by July. The firm says that it will downgrade the U.S. in August if the government misses a debt payment. But the rating agency also clearly states that raising the debt ceiling alone won’t give it any confidence in the U.S.’s ability to tackle its broader deficit problem.