[jimbo123]

Standard & Poor’s took the unprecedented step of downgrading the U.S. government’s “AAA” sovereign credit rating Friday in a move that could send shock waves through global. The following is a press release from Standard & Poor’s:

[GeronL]

This will cost all of us, like a tax hike

[Bean Counter]

yep...nobody saw that one coming...

At least they waited until after Premier Hussein’s birthday...

[_a_0_0_]

Not to worry. Bloomberg says "S&P Reconsiders U.S. Downgrade, Unidentified Official Tells CNN"

Interesting happenings.

[immadashell]

Time to impeach the POS!

[gorush]

"The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics."

That almost sounds like something one of those TeaParty Terrorists might say.

[milwguy]

The move came even though the Treasury Department said that it had found a math error in the firm’s calculations of deficit projections, according to a person familiar with the matter................LOL...Barry and Timmy trying to teach S&P about math errors??

[Road Warrior ‘04]

Just had to pass that debt ceiling increase or we’d lose our AAA rating! Good thing we did! /S HEAVY

[mardi59]

Nero fiddles while Rome burns. Odummys failure is now complete.

[justa-hairyape]

An historic precedent for an historic president.

Banana splits for everyone !

[DemforBush]

Before these last few years, I never thought I’d see the day when something like this could happen. I honestly and truly didn’t.

I don’t claim to be an expert on subject, of course. But it seems to me, even if we get the rating back in the future, the unshakeable certainty and “invincibility” of the U.S.’s fiscal reputation is gone forever.

[SaraJohnson]

Don’t worry, the Rino trolls are on it. They defeated the hobbits and are on the move to fix everything with Dear Reader. What we need is more welfare and food stamps. /s/

[McGruff]

I can't resist.

[Calusa]

We needed that two by four on side of the head. But, it will be lost on progressives.

[GR_Jr.]

Congratulations to President 0bama, Weeper Boehner, Harry Ried, Mitch McConnell and traitors like Allen West and Kristi Noem. Your bill was a huge success! Keep up the good work. America is on the rebound.

[Recovering_Democrat]

Piss off. This is NOT Boehner's fault and it isn't McConnell's fault.

Let me remind you and all the rest of the Republican party bashers here: THE LAST TIME THE REPUBLICANS CONTROLLED THE EXECUTIVE AND LEGISLATIVE BRANCH, the annual deficit was around $170B. Under Hussein and the Demon-rats, it is $1.6T.

The problems with the Republicans are known and can be dealt with...BUT THE DISEASE AFFLICTING THE COUNTRY IS OBAMANOMICS AND LIBERALISM...IT has been the problem for two years, and has resulted in this debacle.

(No offense, Jimbo, but this is NOT the fault of Republicans...they were working toward a solution, however imperfect. The entire reason we're in this mess is NOT from Boehner and McConnell.)

[NoLibZone]

Standard & Poor's had warned that the nation's credit rating would be subject to a downgrade without a credible deficit-reduction package worth $4 trillion over 10 years. The package agreed to by congressional negotiators falls well short of that mark.

MSNBC

[Ghost of Philip Marlowe]

The cost of lending just went up. Greatly.

Well, at least they were nice enough to wait until the end of trading so that the last half-hour pump by the PPT would not be in vain.

[NoLibZone]

[South40]

[SuziQ]

Wait a dang minute! I thought the Dems were all howling that we NEEDED to raise the debt ceiling, so that we WOULDN'T get downgraded! Why were we downgraded anyway? Could it be possible that the Dems lied? No, really? /s

It's the SPENDING, not the Debt ceiling that's causing the downgrade. The Tea Party has been advocating reducing spending, thus reducing the overall debt load of the country. The GOP needs to get all over this issue like white on rice.