Posted on 08/05/2011 11:00:44 PM PDT by NoLibZone
The Obama administration angrily responded to Standard & Poor's decision Friday to downgrade the U.S. credit rating, with one senior official saying the agency's "analysis was way off."
U.S. Treasury officials received S&P's analysis Friday afternoon and alerted the agency to an error that inflated U.S. deficits by $2 trillion, said the administration official, who was not authorized to speak for attribution. The agency acknowledged the mistake, but said it was sticking with its decision to lower the U.S. rating from a top score of AAA to AA+.
"This is a facts-be-damned decision," the official said. "Their analysis was way off, but they wouldn't budge."
The White House is now in wait-and-see mode - hoping the decision and the S&P analysis face outside scrutiny, the official said.
"A judgment flawed by a $2 trillion error speaks for itself," a Treasury Department spokesperson said.
In July, S&P placed the United States' rating on "CreditWatch with negative implications" as the debt ceiling debate devolved into partisan bickering.
(Excerpt) Read more at news.blogs.cnn.com ...
Why don’t they come back to work right now? Why the heck are Congress and the President on vacation???? Come back to Washington, and fix this NOW like they should have done in the first place. Cut the damn spending!!!!
This is a real question: Couldn’t a real President make this happen?
Exactly - the trouble is the spokesperson seemed oblivious to the flawed math used for the "cut"s during the debt ceiling debacle.
1.3 trillion in stimulus money and the U.S. credit rating down the rat hole.
Obama&Co. you have done your job of change now take a bow you rat s.o.b.’s.
Look for some retaliation from the White House and other assorted government agencies against S&P and other credit rating firms in the near future.
Unbelievable :(
Perhaps NOW would be a good time to absolutely insist that when the super congress or committee, or whatever they are calling it, is formed, it must, MUST consist of people appointed who are known for their fiscal wisdom and not simply decided politically and on seniority. Several names come to mind such as Paul Ryan.
“It don’t mean nothing. S&P are both racists!”
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