[candymosh]

S&P Downgrades US Credit Rating from AAA

Updated: Friday, 05 Aug 2011, 9:34 PM CDT
Published : Friday, 05 Aug 2011, 9:34 PM CDT

MARTIN CRUTSINGER, AP Economics Writer

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."

[rob666]

Lets just let bachman or some other far right nutt take over in 2012, we'll see how far we can take things down with this idea of helping the rich get richer.

[Eaton]

soon

[jaybo]

Originally Posted by rob666 ↗

Lets just let bachman or some other far right nutt take over in 2012, we'll see how far we can take things down with this idea of helping the rich get richer.

That is just bs. 40% of the population don't pay any tax . the rich pay most of the freight. The left has had 2.5 years and are just as bad as the right. Ob just doesn't know how to lead. I want the rich to be richer as that who pays me, not the gov.

[rob666]

Originally Posted by jaybo ↗

That is just bs. 40% of the population don't pay any tax . the rich pay most of the freight. The left has had 2.5 years and are just as bad as the right. Ob just doesn't know how to lead. I want the rich to be richer as that who pays me, not the gov.

Yeah well, Bush lowered taxes on the rich to their lowest level in 50 years, and where we are now is the direct result of that...... Trying to pay for 2 wars with tax cuts doesn't work either.
Just because someone rich gets a tax break doesn't mean their going to give you more money, or hire more people either.... How many people has GE hired in the last year?
Bush had a net gain of ZERO jobs over 8 years, and that was before he reigned over the biggest crash since the great depression.
Trickle down is a proven failed policy, proven by Bush.

[fredstones]

Hmmmm.... Coincidence??

[candymosh]

this down grade was a long time coming.

[curious observer]

Pleasssse let the shit hit the fan Federally so we can finally start forcing incompetents out and begin the hard work of actually really rebuilding our country town by town, city by city, state by state and downscale the Federation back to 1776 standards

[nihilissimo]

Originally Posted by curious observer ↗

Pleasssse let the shit hit the fan Federally so we can finally start forcing incompetents out and begin the hard work of actually really rebuilding our country town by town, city by city, state by state and downscale the Federation back to 1776 standards

Better idea, let's let it spiral even more, and then Brotherhood of Nod can begin a revolution for ascension

in Kane we trust

[GanjaLoco]

Gimme dat cash bitch!