This is NOT good news my friends. http://finance.yahoo.com/news/SampP-downgrades-US-credit-apf-2107320979.html S&P downgrades US credit rating from AAA S&P issues unprecedented downgrade of US credit rating, saying debt package falls short WASHINGTON (AP) -- Credit rating agency Standard & Poor's on Friday downgraded the United States' credit rating for the first time in the history of the ratings. The credit rating agency said that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said that it is 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. A source familiar with the discussions said that the Obama administration feels the S&P's analysis contained "deep and fundamental flaws." S&P said that in addition to the downgrade, it is issuing a negative outlook, meaning that there was a chance it will lower the rating further within the next two years. It said such a downgrade to AA would occur if the agency sees less reductions in spending than Congress and the administration have agreed to make, higher interest rates or new fiscal pressures during this period. S&P first put the government on notice in April that a downgrade was possible unless Congress and the administration came up with a credible long-term deficit reduction plan and avoided a default on the country's debt. After months of wrangling and negotiations with the administration, Congress passed this week a debt reduction package at the 11th-hour that averted a possible default. In its statement, S&P said that it had changed its view "of the difficulties of bridging the gulf between the political parties" over a credible deficit reduction plan. S&P said it was now "pessimistic about the capacity of Congress and the administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics anytime soon."
Well let them borrow from someone else....good luck with that right. Japan/china etc want to be paid...start taking what we give them when hurricanes and sunamis hit and deduct that from the debt...or let them get relief from somewhere else
And to think.... people used to complain about Reganomics. Yup.... this picture takes on more meaning every day.
It's hard to defend the current polices. Not many people are going to claim what we are currently doing is working.
It is hard to defend any of the policies from our government for the last 11 years but, amazingly enough, some folks think these problems sprang forth right after Nov 2008. Dumbasses.
I could not agree more Bruce. But, for better or for worse. Our current administration took a serious fire and drove a fuel truck into it. Perhaps it will force us as a country to deal with and fix the problem sooner.
I agree, mostly. Extend the 11 years through the Clinton term. His policies set Mae and Mack on a course for financial disaster. I'm just over the current administration and the lies they are giving to the American people. I'm over politics, bunch of liars that will say anything to stay in office.
Well, I wish you were right Brad but, after watching the clowns involved in the debt limit debate, I doubt it.
No, we just simply realize they've gotten a whole lot worse to Biblical proportions in the last 3 years. Throw in Obama Care and the end is near. Until someone finally turns off the money making machine and gets reasonable... it's going to be a downhill spiral. I can't spend 40 percent more than I have or earn or can pay back on loans. What makes the Democrats think they can? Give away programs have to stop or slow. We don't need to be paying for illegals to have homes, medical and unemployment. We need to give them a bus ride to the border. We need to make people work for a free meal. We don't need to be offering them 4 meals a day.
Regan only only increased the debt ceiling by 199%, lol When are some going to realize they all suck. Lets see we are in two un-funded wars, passed a Medicare drug prescription plan that is un-funded and had a tax cut that reduce rev and lost jobs. Just think if we would have kept Clintons tax rate and defense budget the debt would be gone.
First thing I do is appoint you to sectary of defense. First thing I would do is end both wars and cut all foreign spending. I would remove the cap for social security, set the tax rates back to the Clinton term. Term limits for congress and do away with the two party system. They are both worthless.
I was just watching the Canadian TV station news. John Kerry blamed the downgrade on the Tea Party backlash. LOL He's no longer horse face. He's the other end of the horse. And how about the Brits. They're pissed at everything so burn down half a town and businesses and take away a few more jobs. This planet is going insane.
