By John W. Lillpop
In a fitting tribute to the economic ignorance, arrogance, and incompetence brought to America by President Obama, Nancy Pelosi, and Harry Reid, the nation’s AAA rating has been slashed to AA+.
As reported at the reference:
NEW YORK (Reuters) - The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday in an unprecedented reversal of fortune for the world's largest 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.
The decision follows a bitter political battle in Congress over cutting spending and raising taxes to reduce the government's debt burden and allow its statutory borrowing limit to be raised.
On August 2 President Barack Obama signed legislation designed to reduce the fiscal deficit by $2.1 trillion over 10 years. But that was well short of the $4 trillion in savings S&P had called for as a good "down payment" on fixing America's finances.”
Perhaps now progressives will listen and understand that reducing spending is no longer an option?
http://news.yahoo.com/p-reconsidering-u-downgrade-cnbc-001207261.html
