"...reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process."
The act contains no measures to raise taxes or otherwise enhance revenues, though the committee could recommend them."
"Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues..."
"Standard & Poor's takes no position on the mix of spending and revenue measures that Congress and the Administration might conclude is appropriate for putting the U.S.'s finances on a sustainable footing."
Anyone else smell bovine excrement here?
S&P is clearly recommending a “balanced approach”, which is Obama’s position. This report helps Obama.
Yup - u nailed it.
Prepare to me hammered with administration and msm reports that the Bush tax cuts and any continuence of them forward is the reason for the downgrade. Plus, S&P is clearly advocating for “revenues” in general.
Markets on monday will be hell but believe me....
MSM will absolutly crusify “the Bush Tax Cuts” for causing this. And woe be to anyone advocating their continuance past 2013.