[Lorianne]

They are already backtracking
S&P Director: Downgrade Not ‘Catastrophic’ For U.S. Credit-Worthiness
http://www.huffingtonpost.com/2011/08/08/sp-director-reaction-credit-worthiness_n_920827.html

[rdcbn]

They are already backtracking
S&P Director: Downgrade Not ‘Catastrophic’ For U.S. Credit-Worthiness
http://www.huffingtonpost.com/2011/08/08/sp-director-reaction-credit-worthiness_n_920827.html

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Well, of course, the “Downgrade” in and of itself is not catastrophic.

The reckless out of control spending that is the reason for the down grade is however is becoming catastrophic.