President Barack Obama proves once again he is historic.
Not only is S&P expected to downgrade the US credit rating, they have done so. Thanks to Obama’s socialist spending, lack of leadership in the debt ceiling debate and a complete disregard to pay down the United States out of control debt … Standards and Poor’s, S&P, has downgraded the US’s credit rating. Is it really a shock seeing that the deb ceiling deal that once again raised the US debt limit did nothing substantial to cut spending or deal with any long term strategy to real in the out of control federal deficits.
Standard & Poor’s announced Friday night that it has downgraded the United States credit rating for the first time, dealing a huge symbolic blow to the world’s economic superpower in what was a sharply worded critique of the American political system.
Lowering the nation’s rating one-notch below AAA, the credit rating company said “political brinkmanship” in the debate over the debt had made the U.S. government’s ability to manage its finances “less stable, less effective and less predictable.” It said the bi-partisan agreement reached this week to find $2.1 trillion in budget savings “fell short” of what was necessary to tame the nation’s debt over time and predicted that leaders would have no luck achieving more savings later on.
The decision came after a day of furious back-and-forth between the Obama administration and S&P. Government officials fought back hard, arguing that S&P made a flawed analysis of the potential for political agreement and had mathematical errors in its initial analysis, which was submitted to the Treasury earlier in the day. The analysis overstated the U.S. deficit over 10 years by $2 trillion.
See S&P pdf. HERE. DOWNGRADED!!!
Barack Obama puts the “POOR” in Standard & Poor’s. As reported by Reuters, United States loses AAA credit rating from S&P. Barack Obama has finally got his wish … he has destroyed the US economy.
S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about the government’s budget deficits and rising debt burden. The move is likely to raise borrowing costs eventually for the American government, companies and consumers.
“The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics,” S&P said in a statement.
VIDEO Hat Tip: FOX News via Hot Air Pundit