Posted on 08/05/2011 8:35:35 PM PDT by RatherBiased.com
As has been expected, despite the recently reached debt deal, America's debt got downgraded tonight by credit ratings agency Standard and Poor's.
In an analysis posted on its website, S&P explicitly stated that it "takes no position on the mix of spending and revenue measures," however that is a fact that will likely be glossed over by the self-described mainstream media.
There is much more in the analysis, but since you won't likely see this info in the big media outlets, I am reproducing portions of the report which repeatedly mention excessive spending as a problem [snip]
(Excerpt) Read more at newsbusters.org ...
Everyone in Washington needs to go..
I'll go back to Clinton Era tax rates if they immediately go back to Clinton Era spending.
The Republicans need to publicize that the spending cuts that the Dems were fighting were the cause of the downgrade, The Republicans offered plans to cut at least 4 trillion that S and P required and in the case of the Ryan Plan 6 trillion. And the Dems killed it.Perhaps this S and P downgrade mentioning the 4 trillion politically could force the Dems to increase the the 2.4 trillion they agreed to to 4 trillion.
Good luck.
The S&P gave democrats real red meat in the text of their downgrade to suggest that new taxes are needed. They mention it no less than THREE times. They also say they aren’t taking a stand on spending cuts versus taxes, but an astute reader can clearly see they want more taxes. For example, they mention allowing certain tax cuts to expire in their “best case” scenarios and chide the Republicans for wanting to keep that off the table.
S&P and Moody’s both wrote in recent opinions that they had expected spending to be lowered by $4.0 trillion. There is nothing on the revenue side you can do to make up an already $9 trillion deficit in the next ten years. Especially, with O-Blame-a at the helm.
America’s credit rating withstood the Great Depression, Viet nam, Korean war, 9-11. But couldn’t withstand Obama, Pelosi and Reid.
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.