Posted on 08/05/2011 6:08:51 PM PDT by NoLibZone
S&P cut the long-term U.S. credit rating by one notch to AA-plus. The credit agency said late Friday that it was 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.
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 United Kingdom, Germany, France or Canada.
The outlook on the new U.S. credit rating is negative, S&P said in a statement, a sign that another downgrade is possible in the next 12 to 18 months.
U.S. government officials had been bracing for a downgrade.
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.
(Excerpt) Read more at msnbc.msn.com ...
Thus the reason for the tanking stock market this week...
Boehner was warned he had to cut spending.
They didn’t do it even though they knew this would happen.
Throw the bums out.
http://www.youtube.com/watch?v=MqoGORXAv2o
Wait I thought the Republicans were to blame for asking in 1 Trillion in cuts over 10 years?
Well at least Obama sounds like he has a nice birthday.
But...they told us we “won” and were too silly to understand what a victory that legislation was. Wow....maybe Boehner got all their “asses” in line for no reason at all? I’d love to hear from the esteemed “Tea Party freshman” that turned their back on the promise to cut spending right about now.
The 22 House members and the few in the Senate who held strong exempted of course.
I’m way over my head in debt, but I can keep a good credit rating if only my credit card companies keep raising my card limits.
Doesn’t make sense to me either.
Another birfday present for Present Hussein.
Bought my house on a 3.25% 15 fixed just at the right time. Of course, the section 8’ers across the street make it a little less attractive, but they too shall pass.
We are a global superpower with the resources of a continent, along with nuclear weapons and a labor force that is second to none and ready to work. Send the Marines to S&P to renegotiate!
Boehner was warned he had to cut spending.
They didn’t do it even though they knew this would happen.
Throw the bums out.
///
yep.
but what a victory for only having 1/3 of the government! what a dialogue it started !
now we’re all set to win in 2012...
“The credit agency said late Friday that it was making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough”
Our interest on our debt as a % of the Federal budget is going to skyrocket.
States are going to be paying Billions more for loans, as will the rest of us for cars, student loans, etc.
Thanks Obama/Pelosi/Reid for the spending binge!
Whuuu care! I gotta get my groove on girl! When the next Hip Hop BBQ at the House?!
edhenryTV Ed Henry
And yes Speaker says he walked b/c President added $400B in taxes on top of 1st $800B. But President insists was willing to go back to $800b
Here we go. Another weekend of finger pointing and blaming
good goin’ obama!
/s
Obama will laugh.
Entitlements (Social Security, Medicare, Medicaid) will NOT be cut - even that that is what is killing us!
Wow everyone over at Huffington Post and Democratic Underground (except for the conservative trolls) are screaming FU to the TEA Party for the downgrade.
They are convinced we wanted to destroy the economy - although one poster said that Obama wanted this to force Congress to raise taxes.
Gonna be an ugly Monday.
MSNBC already edited the story and remove the statement!
I have the original page downloaded if anyone needs it.
http://i.imgur.com/FhY3W.jpg Original includes:
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.
I also have the HTMl of the page prior their change.
You won't even miss the 25 or 50 cents, but at the end of the month you will have at least $5 to donate so FR can operate smoothly, or you will moan and grown and go into withdrawal when it is down, because of broken parts
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.