Posted on 08/05/2011 5:51:21 PM PDT by GQuagmire
NEW YORK (Reuters) - The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday, in a dramatic reversal of fortune for the world's largest economy.
S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about growing budget deficits.
U.S. Treasuries, once undisputedly seen as the safest investment in the world, are now rated lower than bonds issued by countries such as the UK, Germany, France or Canada
(Excerpt) Read more at news.yahoo.com ...
Another Tweet out there. This is going to get ugly.
RT @brianbeutler: Statement from S&P parsels blame evenly between Dems & Rs, entitlements and taxes. No acknowledgment of GOP tax pledge.
Do you know if the US has ever lost it’s AAA rating before?
First step to recovery... no more denial.
The downgrade should lead to higher interest rates being demanded on U.S. debt. That, in turn, will lead to greater deficits. Maybe even enough to hit the debt ceiling again, before the next election. (Not highly probable, but maybe.)
What Congress does now with this info will determine future downgrades, as S&P has warned today, when they will occur and then how much the interest rates will rise.
I suspect obamma does not really care about this news. He is probably out partying tonight, without a care in the world. He still has his job and he is set for life financially.
S&P wishes Dear Leader a belated Happy Birthday
1. Bush left us this horrible economy.
2. We wouldn’t be in this mess if the Bush tax cuts weren’t enacted.
3. The GOP refuses to raise taxes which is the only way to balance the budget and pay off the debt.
4. The stimulus wasn’t nearly large enough.
5. We need higher taxes on fossil fuels.
6. The Tea Party is a bunch of terrorists.
7. The GOP wants babies to starve and grandmas to get sick and die. They also want to poison everyone with dirty air and water.
Did I leave anything out?
wow...thought October was the timeline...
I'm sure he will get around to it. Maybe he is going in alphabetical order... Arab Spring, Bush, Earthquake,Tsunami.......
The sad thing is that the parties will be blaming each other instead of worrying about the country. All they care about is their own personal gravy traid.
Not really surprising. The media ignored it, but S&P made it clear that their real concern was the long term failure to balance the budget, not this summer’s debt ceiling BS.
What joke this all is.
Words fail to describe how I feel right now.
FUBO
Now, what are the homosexual, “we are not in the 1800’s” cool aid liberal drinking preachers are going to say, calling us all by the N word because we are so evil, christian, right wing, Tparty backward, antiprogressist, Obama hating, terrorists” going to say.
Yeah, I know the answer, I know these types of people. They will say: hang yourselves, we should all hang ourselves in shame.
Watch them. We are listening to drunks who are persuading America to let them and their government union fat slobs drive the car.
The democrats will double and redouble their efforts to RAISE taxes. The absolute worst next step.
The ONLY solution:
CUT THE SPENDING, STUPID!!
This is obviously Bush’s fault..but wait..Bush isn’t President..but the left will still blame him even though this happened on Obama’s WATCH..I told people don’t vote for this clown we will all get hosed..if only people didn’t listen to the damn media and go like zombies to their polling places to vote for this sack of poo..our country is screwed
Rating the US Govt is a power that the credit ratings agencies have arrogated unto themselves, or obvious reasons.
They really have absolutely ZERO to do with govt debt...
He is a joke.
Officially WORSE THAN CARTER!
It’ coming...it will be blame shared with the Tea party and Bush’s tax cuts.
MSNBC has got the ball rolling already.
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