More Obama Hope & Change: S&P Downgrades US Credit Rating for First Time Ever … AAA Rating Now More

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

As the Debt Ceiling Deal is Celebrated … US Treasury Borrowing at 100% of GDP … America Disapproves of the Raising of Debt Ceiling

American families struggle with their budgets and do without to make ends meet … NOT THE OBAMA LEAD US GOVERNMENT.

UNBELIEVABLE. US Borrowing now equals 100% of GDP.  I am sure the credit agencies will embrace this news. How is it that Obama and and other fool hearty politician on the LEFT or the RIGHT celebrates the debt ceiling deal while the United States is borrowing 100% of the GDP. In one day, just one day the US debt went up $239 billion, largest one-day bump in history.  As the PJ Tatler states, we will be downgraded, how on earth can’t we be?

US debt shot up $238 billion to reach 100 percent of gross domestic project after the government’s debt ceiling was lifted, Treasury figures showed Wednesday.

Treasury borrowing jumped Tuesday, the data showed, immediately after President Barack Obama signed into law an increase in the debt ceiling as the country’s spending commitments reached a breaking point and it threatened to default on its debt.

The new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, and putting it in a league with highly indebted countries like Italy and Belgium.

Obama took his minions out to lunch to congratulate them for all their hard work on the debt ceiling deal, with the looks of the financial state that Obama has taken America, I hope The One made them pay “Dutch” treat.

The actions of those in Washington, DC are just criminal. 2012 cannot come fast enough, I just hope we have an America left.

UPDATE I: Here is a shocker, the American public hate the debt ceiling law. According to a USA TODAY/Gallup Poll taken hours after the Senate passed and President Obama signed the deal, 46% disapprove of the agreement; while only 39% approve. Many believe that this the agreement that was passed to raise the debt ceiling will do more harm to the economy than good. A Rasmussen poll has the polling data even worse … just 22% of likely voters nationwide approve of the agreement while and overwhelming 53% disapprove.

The hard-won, last-minute agreement to raise the debt ceiling and cut the deficit gets low ratings from Americans, who by more than 2-1 predict it will make the nation’s fragile economy worse rather than better.

Remember this Promise from Obama: If Debt Ceiling Limit Deal Passed … It Would Avert a US Economic Crisis

President Barack Obama and his minions pounded the drum that if the debt ceiling crisis was averted with a deal to raise the debt limit, that it would bring stability to the markets and business.

REALLY MR. PRESIDENT?

August 2 came, D-day for the raising of the debt limit where the sky was supposed to fall, the bill was signed into law to raise the debt limit and guess what … stocks fell 256 points!!! What happened to the stability? Obama claimed that the raising of the deb limit to prevent the elderly from not getting their social security checks would sooth the markets and the economy. Barack Obama was once again wrong on the subject matter. Didn’t Obama tie job creation and the economy to the debt ceiling? The Lonely Conservative asks a similar question … “wasn’t the debt deal supposed to save the economy?”It can’t be a coincidence that the markets plummeted on the day that Obama signed the bill into law under the cloak of darkness as no one wanted to be associated with this “sugar coated Satan sandwich”.

The Dow Jones Industrial Average tumbled 265.87 points, or 2.2%, to 11866.62, on Tuesday. The blue-chip index’s eighth consecutive decline marks its longest losing streak since October 2008. It has lost 6.7% during the skid, dating back to July 22.

Obama and his minions also told us that a bipartisan deal would prevent the US credit rating from falling? WRONG AGAIN BARACK. Credit agency Moody’s presently has outlook for the U.S. grade is now negative. Why? Because the debt ceiling deal did nothing to change the spending habits or really address paying down the debt in any serious manner. It’s not just Moody’s who has an issue and a negative view of the US debt, its all of them. Thanks again Barack Obama.

Moody’s Investors Service and Fitch Ratings affirmed their AAA credit ratings for the U.S. while warning that downgrades were possible if lawmakers fail to enact debt reduction measures and the economy weakens.

The outlook for the U.S. grade is now negative, Moody’s said in a statement yesterday after President Barack Obama signed into law a plan to lift the nation’s borrowing limit and cut spending following months of wrangling between Democratic leaders and Republican lawmakers.

It was said by GOP leaders that the debt deal was the best that they could get since they only controlled the House and Democrats controlled the US Senate and the Presidency. If America is serious about paying down the debt and its future, Obama and the Democrats must be thrown out of office in 2012. It is obvious that Obama’s policies are failures and his agenda is far too LEFT for the United States. It is obvious that Obama was and is the lest qualified individual ever to be President and is the worst ever. The only person in America who is happy today is former “misery index President Jimmy Carter.

The issue is not just the debt increase and out of control spending, its the continued poor jobs creation and no growth in the economy. But wait, Obama has reassured the people that he is back focused on jobs. WHAT A COMFORT.

2012 cannot come fast enough.

HYPOCRISY: VP Joe Biden Charges Secret Service for Rental Property … Wasn’t Biden involved with the Deficit Committee?

HYPOCRISY … I thought the rich were supposed to pay their fair share?

No wonder Vice President Joe Biden has been absent from any substantial aspect of politics in Washington, DC. He has been too bust being a landlord. According to the Washington Times, Biden has been charging the Secret Service for a rental cottage adjacent to the waterfront home he owns in a Wilmington, DE. Are you serious? The Secret Service pays $2,200 a month to protect the VP and his family. Maybe this should have been added to a debt ceiling debate as one of the expenses that needs to go. Just another example of a politician taking advantage of every tax loop hole while Biden, Obama and Democrats loos to raise taxes on those that make $250K, not millionaires and billionaires as they claim.

The U.S. Secret Service does more than protect Vice President Joseph R. Biden Jr. —  the agency also pays him rent.

Since April, Mr. Biden has collected more than $13,000 from the agency charged with protecting him and his family for use of a rental cottage adjacent to the waterfront home he owns in a Wilmington, Del., suburb.

Mr. Biden, listed not as vice president in federal purchasing documents but as a “vendor,” is eligible for up to $66,000 by the time the government contract expires in the fall of 2013, the records show.

Officials say the arrangement came about when a previous tenant moved out of the cottage and the Secret Service moved in.

Talk about your typical liberal hypocrisy. Wasn’t Biden involved with the deficit committee? Wouldn’t you think that a politician should not be charging the government for protection? Isn’t it the Democrats who talk about people not needing money and why should they deserve tax breaks if they are rich? Well, then why is Biden charging the very people who protect him for a rental? WHAT A SCAM and yet just another example of how tax payer money is wasted.

WIZBANG has a couple of ideas for increasing revenues, that the Democrats are so fond of … seems like some fair skin in the game tax increases to me.

Debt Deal Reached Between House/Senate Leaders, Now Come the Votes … Obama Sprints to Podium to Hold Press Conference As If He were Involved

Tonight there appears to have been a Debt ceiling deal met between the Republican and Democrat leadership of the House and the US Senate. Interestingly enough, Barack Obama rushed to the podium and in front of the cameras to announce the deal as if he had anything to do with it.

I would be really interested to see if the credit agencies buy this sausage that was created as a legitimate form of debt reform. On Friday Moody’s said that neither the Boehner or Reid plan was adequate. Why would they think this compromise is? Wasn’t the point of this supposed to be that we not get downgraded and pay the bills? How can anyone really call this a success?

Also, Obama stated that he would be driving for tax increases in the future. Obama said that the rich need to pay their fair share of taxes. Are we or are we not going to raise taxes in the face of another possible recession? Just curious Barack, what about the 50% of individuals in the US who pay no taxes, are they going to pay their fair share to?

A bipartisan committee of House and Senators will meet later in the year and report back to Obama in November to suggest new solutions which may include tax hikes. Who really believes that in such a toxic environment that any such thing can be accomplished?

Overall, it would appear that Republicans and especially the TEA PARTY have won a major victory in the debt ceiling debate. However, this is far from over and just the beginning. For too many years the culture in DC has been to blindly tax and spend the people’s money without consequence. I agree with the Astute Blogger as they astutely stated, “LET’S DECLARE VICTORY (one the left hates even more for!) AND MOVE FORWARD TOGETHER TO EVEN BIGGER AND BETTER WINS.”

Please remember, it was not too long ago that Obama wanted a clean bill to raise the debt limit and give him a blank check.

Look for this to be the number two issue after jobs in the 2012 elections. Make no mistake about it … GREECE IS THE WORD, the United States need a Balanced Budget Amendment.

Make no mistake about it, the 2012 elections will decide whether the United States gets back to exceptionalism or whether we become Greece. With only having control of the House, the GOP managed to control the debt debate and shift it to the right … the GOP will need the Senate and Presidency to control really paying down the debt.

UPDATE I: Durbin: Debt Deal Will Be The Death Of Keynesian Economics … well let’s hope so.

UPDATE II: So does this mean the USA loses its AAA rating? How does this compromise even come close to what the rating agencies wanted?

UPDATE III: Speaker Boehner’s Talking Points to the GOP.

TWO-STEP APPROACH TO
HOLD PRESIDENT OBAMA ACCOUNTABLE
Emerging framework has three main features:
(1) cuts government spending more than it increases the debt limit;
(2) implements spending caps to restrain future spending;
(3) advances the cause of a Balanced Budget Amendment
Framework accomplishes this without tax hikes, which would
destroy jobs, while preventing a job-killing national default.

UPDATE IV: LIVE COVERAGE at Business Insiders: DEBT DEAL REACHED