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.
The democrats will double and redouble their efforts to RAISE taxes. The absolute worst next step.
The ONLY solution:
CUT THE SPENDING, STUPID!!
A mere 70 basis point rise for federal borrowing costs will cause major problems vis a v the interest rate expense in the federal budget.
I think you are right. And when he loses his second term, he'll say America reverted back to her racist ways. When all the true history books are written, there will be counter arguments that "those" writers were all just racists. He's wealthy beyond all his hopes or dreams ever thought he would be. He has a Nobel Peace prize plaque to stick in his "Presidential" library. His two autobiographies and the ones he is yet to write - all extolling his brilliance and vision, of course. And, if they are lucky, he will steal all the loot he can from the White House (hillary taught him that) to furnish his own luxurious mansions in the islands somewhere like Hawaii or the Caymans - where all his stash is.
But, the bright spot is we will be rid of his sorry butt and can begin the healing of our land and return America to the place she began as a land of the free and the home of the brave.