S&P Downgrades US Credit Rating From AAA

[Mindcrime]

Just think of it as a "Tea Tax."

WASHINGTON (AP) -- Credit rating agency Standard & Poor's on Friday downgraded the United States' credit rating first time in the history of the ratings.

The credit rating agency said that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.

A source familiar with the discussions said that the Obama administration feels the S&P's analysis contained "deep and fundamental flaws."

S&P said that in addition to the downgrade, it is issuing a negative outlook, meaning that there was a chance it will lower the rating further within the next two years. It said such a downgrade to AA would occur if the agency sees less reductions in spending than Congress and the administration have agreed to make, higher interest rates or new fiscal pressures during this period.

S&P first put the government on notice in April that a downgrade was possible unless Congress and the administration came up with a credible long-term deficit reduction plan and avoided a default on the country's debt.

After months of wrangling and negotiations with the administration, Congress passed this week a debt reduction package at the 11th-hour that averted a possible default.

In its statement, S&P said that it had changed its view "of the difficulties of bridging the gulf between the political parties" over a credible deficit reduction plan.

S&P said it was now "pessimistic about the capacity of Congress and the administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics anytime soon."

Source

[BorderBob]

I'm listening to all the business people on Morning Joe and it seems that despite all the issues this government has with the debt, treasuries were still selling at bargain basement interest rates. People are still willing to sell us money. This stinks of a, don't want to use the word conspiracy, but a defined plan to force interest rates on treasuries higher, insuring better profits for those buying the bonds.

After all, it is all about the profits, no?



b.b.

[Yankeefan2009]

"It's all Bushes fault" - Obama

You've had the job for 2 and 1/2 years Barack. It's YOUR fault now.

[Mindcrime]

I'm listening to all the business people on Morning Joe and it seems that despite all the issues this government has with the debt, treasuries were still selling at bargain basement interest rates. People are still willing to sell us money. This stinks of a, don't want to use the word conspiracy, but a defined plan to force interest rates on treasuries higher, insuring better profits for those buying the bonds.

After all, it is all about the profits, no?

The day the agreement was signed we lost over 18 million alone on auctioned short term treasury bonds. This is just the beginning.

[Mindcrime]

"It's all Bushes fault" - Obama

You've had the job for 2 and 1/2 years Barack. It's YOUR fault now.

If I were to kick you in the butt, and the next day your butt still hurts, is it still my fault that you're still in pain; or is it the fault of the person handing you the aspirin?

Bush destroyed the economy. It's going to take a long time to undo the damage he and his cohorts wrought upon this country.

[Yankeefan2009]

If I were to kick you in the butt, and the next day your butt still hurts, is it still my fault that you're still in pain; or is it the fault of the person handing you the aspirin?

Bush destroyed the economy. It's going to take a long time to undo the damage he and his cohorts wrought upon this country.

The funny things is that your brain is so far gone that you actually believe that. No, at some point it's OBAMAS fault, given that he has spent 4 trillion and promised he could turn things around, but they have gotten worse. Way worse.

You're just infatuated with the "hopes and dreams" that the great empty suit promised you. You really think he's the greatest thing ever... sad to watch you, actually.

[sharky]

because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation

sounds to me like real spending cuts would have prevented the downgrade

[ILOVEDNY]

sounds to me like real spending cuts would have prevented the downgrade

Of course that's what this is all about.
If the TP's had held their ground for $4 trillion in cuts, we would still be a triple A country.
Libtards with absolutely no clue in what to do.
So they have to blame it on "the delay" of raising the debt.
They actually believe that if we had allowed Obowmao his $3 trillion in new spending in April, we would be fine.

[ILOVEDNY]

No need to worry though.
We have Turbo tax Timmy on the job...
http://thehill.com/blogs/on-the-mone...-credit-rating

Treasury Secretary Tim Geithner said Tuesday there is "no risk" the U.S. will lose its top credit rating amid a new analysis that revised its outlook on American debt to "negative."

Geithner took to the airwaves of financial news networks to push back against a report Monday by Standard & Poor's that lowered its outlook on U.S. debt to "negative," reflecting political uncertainty over whether lawmakers will reach an agreement to address long-term debt.


There is no chance that the U.S. will lose its top credit rating, Geithner said, forcefully disputing the notion that S&P or other ratings services might downgrade U.S. bonds from their current AAA rating.

"No risk of that, no risk," Geithner said on the Fox Business Network.


Man, we are sooooo boned.

[ILOVEDNY]

The funny things is that your brain is so far gone that you actually believe that.

Discussion does seem fruitless at this point.
Guess we hunkerdown, hope for the best.
And deliver an ass kicking in 2012 that will dwarf the ass kicking of 2010.

[ILOVEDNY]

Just think of it as a "Tea Tax."

I prefer "Obamas Legacy".

[Mr. Lackawanna]

Put the blame where it belongs. Obama is clearly at fault. He has appointed an incompetent staff who's only goal is to have Obama reelected.

Obama failures are:
Appointed an incompetent Secretary of the Treasure
His stimulus plan which has failed and raised the national debt to a record level.
His health care plan (Obama-care) which has deterred the small business from hiring new employes.
His overall anti-business attitude.
His using the NRLB to ensure that more unions (votes) are recognized.
His failure to do anything about the immigration problem.
His policies seem to be how many more votes will it get him

I think the Republican party will have a golden opportunity if they use the Country Debt rating downgrade in the next electionalong with the other Obama goofs.

[Mindcrime]

Of course that's what this is all about.
If the TP's had held their ground for $4 trillion in cuts, we would still be a triple A country.
Libtards with absolutely no clue in what to do.
So they have to blame it on "the delay" of raising the debt.
They actually believe that if we had allowed Obowmao his $3 trillion in new spending in April, we would be fine.

Obama offered them $4 Trillion in cuts. The Tea Party said no.

[Mindcrime]

[Dougles]

Obama offered them $4 Trillion in cuts. The Tea Party said no.

Not true at all.