Standard & Poor’s downgrades U.S. credit rating for first time

August 6, 2011

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AP via The Olympian

“The agency says that it is cutting the country’s top AAA rating by one notch to AA-plus. The credit agency said late Friday 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 believes S&P’s analysis contained ‘deep and fundamental flaws’.”

As I recall, credit agencies were looking for at least $4 Trillion in deficit reduction. The sell-out deal we got was claimed to be only $3 Trillion.

And what of the actual debt?

I have to wonder just how much worse it will get before we can return some decent leadership to the nation? Even Jimmy Carter did not cause our credit rating to drop.

OMG 2012

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