Posted on 08/05/2011 5:04:57 PM PDT by mandaladon
Two government officials tell ABC News that the federal government is expecting and preparing for bond rating agency Standard & Poors to downgrade the rating of US debt from its current AAA value.
Official reasons given, one official says, will be the political confusion surrounding the process of raising the debt ceiling, and lack of confidence that the political system will be able to agree to more deficit reduction. A source says Republicans saying that they refuse to accept any tax increases as part of a larger deal will be part of the reason cited. The official was unsure if the bond rating would be AA+ or AA.
A third official says that S&P made a "serious mistake" in its analysis, "based on flawed math and assumptions," so the Obama administration is pushing back. But even though "S&P has acknowledged its numbers are wrong, it's unclear what they're going to do.," the official said.
S&P refused to comment.
Because of the pushback, the Obama administration is preparing for the downgrade but is not 100% positive its going to happen, officials said. And if the downgrade does happen, officials are not sure when it will happen.
Before ratings agencies issue a downgrade, there is often some back and forth that goes on behind the scenes. Treasury Department officials have been making the case for months that S&P should not downgrade US debt.
(Excerpt) Read more at blogs.abcnews.com ...
Their “serious mistake” was that they likely underestimated the fiscal irresponsibility of the Obamunists. We’ve let a bunch of children get loose with a multi-trillion dollar credit card. AA+ is probably a generous rating.
Is there another kind?
I can have the transcriptionist read your answer back to you.
I know what I said,...I don't need to have it read back to me like I am some kind of idiot.
I asked you if you were a lying marxist, and you said.....Did you order the Marxist Red Lying bastard?
Colonel,...you don't need to answer that question.
"I'll answer it. You want answers?
I think I am entitled.
Do you want answers?
I want the TRUTH.
"You can't handle the Truth." Son, we live in world that has walls. And those wall have to be guarded by men. Who is gonna do that? You, Lieutenent Weinberg? You? I have a greater responsibility than you can possibly fathom. You have the luxury on not knowing what I know. That Santiagos death, while tragic, probalby saved lives You weep for Santiago. And his death, while tragic, probably saved lives. Ever serve in a forward area son? Ever put your life in the hands of another man...asked him to put his life in yours. We use words like,duty code, honor, defending a lifestyle we honor. You use them as a punchline....because deep-down in places you don't go to...you want me on that wall, you need me on that wall. I have neither the time nor the inclination to explain myself to a man who lives beneath the very blanket of security which I provide him, then questions the manner in which I provide it. I had just as soon you say, "Thank you" and be on your was, or grab a weapon and stand at post.....either way, I don't give a damn about what you think you are entitled to.
Are you order the Marxist Red Liar.
You'r GD right I am!
Blame whitey! At least there are enough non-white/non-black people here to know it is a load of sh!t...
Flawed math has nothing to do with how this idiot-ridden likewise uses flawed math to keep spending and spending and spending. The “flawed math” argument will NOT change this downgrade nor any that come in the future...we deserved this downgrade given it was long overdue. =.=
OBAMA IS THE one big ass mistake America
trust in the Winchester until then
Obama Made a Mistake must have Used the same Calculator,My Health Care Premium was supposed to go down 2500 dollars and he said Obamacare was going to reduce the deficit.I received my renewal notice for my Healthcare,they stated in the Letter that Because of Changes In the Healthcare Laws my Premium was increasing two thousand dollars this year.
I sent a Copy to Obama saying this must be a Mistake,They Must have Used the same Calculator as S&P
A third official says that S&P made a “serious mistake” in its analysis, “based on flawed math and assumptions,”
Well, I guess SandP is guilty of the same serious mistake made by about 52% of the electorate in 2008 by electing this incompetent racist dolt.
What on earth could this administration know about MATH? Remember Geitner the Tax Moron" is their big gun.
Now the first black President is the first one conceal his Birth Certificate, the first one to bow to foreign kings, and also the first one to degrade the credit rating of the US! Coincidence?
“I think someone is playing serious political games with the rating here, this is Govt interference, if its blatant complicit scaremongering, someone needs to be held to account.”
I would agree to the extent that we don’t have a signal A rating already.
The reality is these ratings agency’s are largely in the pocket of the Government due the printing press power of Federal Government in manipulating them. This effect seems rather apparent from the way they were pushed into giving the Government sponsored enterprises AAA ratings.
This Country is going down the toilet because
the American People
in the last Presidential Election made
a “serious mistake” in analysis*.
” And the impotent Republicans limply acquiesce. “
It almost seems like the R’s are trying to help Obama destroy the country.
I disagree. Boehner and McConnell are not patting themselves on the back. They’re hiding. They know they aided and abetted their buddies—Marxist demrats—in this budget travesty.
Their behavior is at best criminal and at worst traitorous. I’m absolutely positive the phone calls, emails and letters they’re getting repeat what I said above—or worse.
Every RINO, Pubbie and so-called Tea Party Conservative should do the right thing and resign effective on the take over of their jobs (by whatever process) by true conservative leadership.
Don’t know whether or not S&P is in cahoots with Onada administration or not. I don’t really care or believe that it matters. Any one who has a brain knows the budget deal will only make a bad situation worse. Mere propaganda and gamesmanship will not succeed in putting a happy face on things.
Of course The Usurping Marxist Onada and his band of angry commies will attempt to blame the Tea Party and or Pubbie idiots like Boehner and McConnell. That’s a given. But too many voters know the score. The blame game will largely fall on deaf ears because members of both parties and some pseudo conservatives are equally to blame and we all know it.
What is required is putting a serious dose of industrial strength rat poison down the rat hole called Washington, DC, flushing it out and starting over again. The political elite are too well entrenched for anything else to work. We must restart on a clean Constitutional slate.
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