Finance

Standard & Poor’s Downgrades U.S. Credit Rating for First Time in History

Standard & Poors Downgrades U.S. Credit Rating for First Time in HistorySadly, the fears have been confirmed. Standard & Poor‘s has downgraded the United States’ credit rating for the first time in the history of the ratings.

According to AP, the credit rating agency says that it is cutting the country’s top AAA rating by one notch to AA+. On Friday evening S&P said that the debt bill recently passed by Congress was not enough to stabilize the nation’s debt crisis.

AP also reports that a source familiar with the situation said that the Obama administration believes S&P’s analysis contained “deep and fundamental flaws.”

But the worst might be yet to come. The Wall Street Journal published the following press release from S&P that claims the rating agency could be downgrading the U.S. yet again to AA. The reason? S&P’s statement says the downgrade reflects “our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011:”

– We have lowered our long-term sovereign credit rating on the United States of America to ‘AA+’ from ‘AAA’ and affirmed the ‘A-1+’ short-term rating.

– We have also removed both the short- and long-term ratings from CreditWatch negative.

– 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.

– More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.

– Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us 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 any time soon.

– The outlook on the long-term rating is negative. We could lower the long-term rating to ‘AA’ within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case.

For Standard & Poor’s press release in its entirety please read here.

But what does this really mean for Americans and what is in store for the U.S. now that its AAA credit rating has been downgraded?

According to The Washington Post, analysts have been saying that a downgrade could increase the cost of borrowing for the U.S. government and add tens of billions of dollars in interest costs per year. Of course, these increases could very well be passed on to consumers and business.

The Post adds:

A downgrade would also have a cascading series of effects on states and localities that rely on federal funding, including in the Washington metro area, potentially raising the cost of borrowing for schools and parks.

But the exact impact of the downgrade won’t be known at least until Sunday night, when Asian markets open, and perhaps not fully grasped for months. Analysts say the immediate term impact is likely to be modest because the markets have been expecting a downgrade by S&P for weeks.

Comments (577)

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  • UBETHECHANGE
    Posted on August 5, 2011 at 9:03pm

    Fire all Repubs and Dems that voted yes on this. Do it! Allan West is a sell out too!

    Report Post »  
    • LinkedIn G
      Posted on August 5, 2011 at 9:09pm

      I don’t think raising the debt ceiling caused this…I believe the fact that they won’t stop spending is the cause. FREEZE spending to last years levels…that’s a “cut” to the Liberal administration.

      Report Post » LinkedIn G  
    • Ryan Beaulieu
      Posted on August 5, 2011 at 9:16pm

      I’m loving this Hope and Change we are receiving from this new wave President. I know the expectations when Barack became President was that he was going to set new precedents and be an historic President, although I didn’t think he would be historic and bring about change in the standard of getting our credit rating downgraded. Although the spin will be that it was Bush’s fault and that Obama has done a wonderful job for the past 2 and a half years delaying our credit rating cut by his wonderful accomplishments like Tarp, bailouts, unemployment benefit extensions, Health care, etc..

      Report Post »  
    • sWampy
      Posted on August 5, 2011 at 9:18pm

      No, it’s that we send all our good paying jobs over seas, and try to have an economy based on trading stocks, selling insurance, providing entertainment, selling homes and cars, and cutting grass.

      Report Post »  
    • John 1776
      Posted on August 5, 2011 at 9:21pm

      Real economists saw through the smoke and mirrors of Obama’s plan to actually cut very little. Actually, the word “cut” does not even come into play as they are saying we are “cutting” money from an additional 10 t in future debt and only expect to be 23 t in debt in the future instead of 25 t.

      Report Post » John 1776  
    • John 1776
      Posted on August 5, 2011 at 9:25pm

      Thanks Barry! Thanks SEIU! Thanks “spend till we’re dead” Libs! We couldn’t have done this downgrade without you!

      Report Post » John 1776  
    • hauschild
      Posted on August 5, 2011 at 9:28pm

      By golly, there IS a God!!!

      It seems counter-intuitive to cheer for a downgrade, but it really is the only way the majority of Americans will WAKE UP. Sometimes you’ve gotta get hit where it hurts before you accept reality.

      I really am surprised the regime didn’t succeed in strong-arming S&P, especially this last excuse was beyond comprehension – “they made a 2 trillion dollar error.” Yeah, and my rear end sucks saltwater.

      Time for everybody to get a big dose of reality; hurts short term, but it doesn’t prolong the agony.

      Report Post »  
    • what4
      Posted on August 5, 2011 at 9:30pm

      Worst president ever has just been clinched! Thanks Barry!

      Report Post »  
    • Huguenot Descendant
      Posted on August 5, 2011 at 9:30pm

      They didn’t cut spending! They just made a sell out move with that pathetic that was bill passed through. It’s sickening what has happened to our country. We used to be prestigious of a country founded by great men and now we are being destroyed by sickening progressives both in the Republicans and Democrats. The Tea Party has tried to keep our country a float but I hope that those can remain strong from the corruptness in Washington. Otherwise the spending will continue and will never stop!

      Report Post » Huguenot Descendant  
    • seeker9
      Posted on August 5, 2011 at 9:35pm

      We need a Pelosi/Obama/Kerry pay first law. They will not stop spending taxpayers money. The taxpayers are an endless ATM to them.

      Report Post » seeker9  
    • veracity79
      Posted on August 5, 2011 at 9:36pm

      Uh…raising the debt ceiling IS more spending.

      Report Post »  
    • Jaycen
      Posted on August 5, 2011 at 9:37pm

      You dangerous Tea Party fools! We have to increase the Debt Limit or we‘ll get downgraded and then we’ll all DIE.

      Well, Washington increased the limit. We still got downgraded. We’re not dead.

      Yeah, West is a sellout.

      Report Post » Jaycen  
    • VoteBushIn12
      Posted on August 5, 2011 at 9:38pm

      A vote of NO would have dropped us even further. Who should you fire? How about the Tea Party leaders that have a childish understanding of the expectations of government and the Repubics that think you can get more done with no income.

      Tax the rich!

      Report Post » VoteBushIn12  
    • dealer@678
      Posted on August 5, 2011 at 9:40pm

      Thank you mr president, may i have another

      Report Post »  
    • NYLOTTOMAN1990
      Posted on August 5, 2011 at 9:41pm

      Go back to 2007 spending levels. The Penny plan is looking better every day

      Report Post »  
    • scott2012
      Posted on August 5, 2011 at 9:50pm

      Anyone who caved and compromised must be replaced in 2012. Of course, there is another option!

      Report Post »  
    • hifi74
      Posted on August 5, 2011 at 9:50pm

      VoteBushIn12
      Posted on August 5, 2011 at 9:38pm

      A vote of NO would have dropped us even further. Who should you fire? How about the Tea Party leaders that have a childish understanding of the expectations of government and the Repubics that think you can get more done with no income.

      Tax the rich!
      —————————————————————————————-
      Who are you trying to kid??? The Tea Party was the only group trying to bring this issue up, if it wasn‘t for them the Dems and Republicans wouldn’t of even brought up cutting spending. Sorry pal but your president and the Congress of the previous 4 years has spent more then ANY president has EVER spent. This is the product of Trillions in deficit spending and idiot job killing policies that this entire administration has championed like a true Corky. Try again chump!

      Report Post » hifi74  
    • YoshiFD3S
      Posted on August 5, 2011 at 9:52pm

      Congratulations Congress (Repubs AND Demo’s)….you worked SO hard. You deserve a recess. Just do America a favor, and DON’T COME BACK.

      And by the way, what‘s this I’m hearing from Glenn Beck about how we’ve already maxed out our “debt limit increase” within like 24-48 hours??? Are you serious???

      Report Post » YoshiFD3S  
    • go2gym
      Posted on August 5, 2011 at 9:53pm

      It’s not because of the debt limit. Reading the report, it talks alot about the fact that Washington politicians are playing “brinksmanship” and the media is pushing the idea that the TEA party is the ones doing that. It also talks about we didn’t cut enough. Heck, they TOLD Washington what amounts of cuts they needed to see, and DC STILL didn’t do it. The TEA party couldnt have gotten that done on their own. They pushed. They did things that haven’t been done on debt ceiling talks, so that’s great. Now it’s time to get busy. Check out Connie Mack’s “Penny” plan….
      http://mack.house.gov

      Report Post »  
    • Bible Quotin' Science Fearin' Conservative American
      Posted on August 5, 2011 at 10:19pm

      Tea Terrorists unwillingness to compromise and their union-like threats to vote out anyone who opposed them is the cause of this. You can’t get 100% of your demands. You’re not the only americans. Grow up.

      Report Post » Bible Quotin' Science Fearin' Conservative American  
    • 101
      Posted on August 5, 2011 at 10:21pm

      That‘s what happens when you don’t budget your money and keep over spending on borrowed credit…soon America won’t be able to buy a bag of rice from China, for that matter anymore food period!

      Thx BO & Company for dragging America down with you

      Report Post »  
    • v-vet1968
      Posted on August 5, 2011 at 10:23pm

      Id like to thank all you overpaid numbnuts in d.c.!!

      Report Post »  
    • mbguy02
      Posted on August 5, 2011 at 10:23pm

      You are nuts, West is a military man how knows how to plan for the war not just battles. Just maybe now he can secure a spot on the Super Team….We need a voiceand a strong fighter…Anyone agree with me

      Report Post »  
    • JoeBtfsplk
      Posted on August 5, 2011 at 10:25pm

      YEP – Saw this coming since the night in Chicago when Oprah had a tear in her eye.

      “We will destroy you from within” – George Soros and Barry Soetoro.

      Report Post »  
    • snidley-whiplash
      Posted on August 5, 2011 at 10:27pm

      Really big trouble coming when they downgrade food stamps to 0.

      Report Post » snidley-whiplash  
    • joe1234
      Posted on August 5, 2011 at 10:29pm

      @Bible Quotin‘ Science Fearin’ Conservative American…better known as fascist racist darwin-luvin progressive eugenicist terrorist….

      why don’t you evolve some intelligence…oh but you can’t since there is no evolution…and realize your failed socialist policies have led to this….I would say get a clue, but you fascist racist terrorist liberals are brain dead….

      Report Post » joe1234  
    • Stuck_in_CA
      Posted on August 5, 2011 at 10:39pm

      Well, the inevitable has happened. The dominoes will now, most likely, begin to accelerate in the fall of the global economic system.
      Between the “Free” trade agreements from the Republicans, and the out-of-control spending by the Democrat’s utopian welfare state, the chickens really have come home to roost. There are many reasons, but those are two of the biggest causes for this country’s economic condition.
      The Debt Ceiling disaster sealed the deal. We were told that at least $4 Trillion in cuts had to be in the near future. The Dems would not allow it.
      By the GOP settling for that rotten Debt bill, the white flag of surrender became the ensign for our Republic’s possible collapse.

      Report Post » Stuck_in_CA  
    • DEConservative
      Posted on August 5, 2011 at 10:47pm

      This is all woohoo and ****…what a bunch of incopetant morons…throw out everyone but the TEA Partiers elected in 2010 and start over.

      Report Post »  
    • adamic
      Posted on August 5, 2011 at 10:48pm

      Alan West is not a sell out! This was not the deal anyone wanted and has nothing to do with the downgrade. If you think anything better could have been done at this point you are delusional. Congress can’t make the senate vote or the president sign. Hold your ground for the election and then something can be done.

      Report Post »  
    • Smoovious
      Posted on August 5, 2011 at 10:52pm

      Welp… it is official now…

      President Obama, is a worse president, than President Carter… no two ways about it…

      – Smoovious

      Report Post » Smoovious  
    • Servant Of YHVH
      Posted on August 5, 2011 at 10:58pm

      All we can do right now is say: THANK YOU OBAMA, REID, PELOSI AND THE OTHERS!!!

      Report Post » Servant Of YHVH  
    • bleedingbrain
      Posted on August 5, 2011 at 11:16pm

      Cut, cap and balance. Back to triple A in a week.

      Report Post »  
    • tifosa
      Posted on August 5, 2011 at 11:22pm

      Read the FULL statement. Had President Obama’s $4T deal gone through, the one Boehner stalked out on, this wouldn’t have occurred. S&P wanted bigger cuts EVEN IF THAT CAME IN THE FORM OF RAISING REVENUES. A very significant part of this was the whole wrangling process. (Thanx Teapublicons!) The world has lost confidence in the United States because it appears that the rabidly ideological, misinformed minority are in charge.
      That said, S&P should be put OUT OF BUSINESS after their role inflating the ratings on trashy asset-backed bonds (which then collapsed) which lead to the credit crisis.

      Report Post » tifosa  
    • michael48
      Posted on August 5, 2011 at 11:33pm

      guess Nikita was right after all…$71.00 a mo to kill comrades in 67′….only to see one in OUR WH 44 years later…dam…some great young men …well you wouldn’t understand….

      Report Post »  
    • the hawk
      Posted on August 5, 2011 at 11:43pm

      THEY TOLD US 4-5 TRILLION CUTS in 10 YRS !
      tHE DEMS WILL NOT CUTTHEIR PET PEVES !
      next feb well be down graded again……….and again………….

      Report Post »  
    • the hawk
      Posted on August 5, 2011 at 11:56pm

      IN tHIS WTO world trade organisation, We can not compete with 2end world labor cost!
      Close down Wall street ! they will suck every job out of this country to make profits for stock holders!
      900 billion out of my kids future earnings for gambling millioniars? Funk them! Most of are politicians
      are in their pockets……….and will get high roller lobying jobs from them when they are voted out !

      Report Post »  
    • Restored One
      Posted on August 5, 2011 at 11:58pm

      ” If I don’t have this done in three years, then there’s going to be a one-term proposition.” Well Sir, our credit rating has been lowered under your watch. No more Bush bashing, you will be held accountable. Have a nice Birthday, enjoy the perks while you can. When your ass is out of OUR HOUSE, we have a SHOVEL READY JOB FOR YOU which many of us will be happy to fund.

      Report Post »  
    • fltwoway
      Posted on August 6, 2011 at 12:11am

      Absolutely

      Report Post » fltwoway  
    • jzs
      Posted on August 6, 2011 at 12:20am

      John Boehner said he and the Tea Party got “98% of what he wanted.” I guess the financial market didn’t get 98% of what they wanted.

      Report Post » jzs  
    • Restored One
      Posted on August 6, 2011 at 12:32am

      Louie, Louie, as a NASCAR fan, we are smart enough to realize that we should save our money and instead of going to the race this year, we can watch it on TV, HOWEVER, we can still support the AMERICAN BRAND by purchasing AMERICAN PRODUCTS. Nascar is not going anywhere. Same with Baseball. Stick with the AMERICAN BRAND. (yeah I know that Toyota runs Nascar, but they own us, so we have to support them anyway.)

      Report Post »  
    • Ded-Bred
      Posted on August 6, 2011 at 12:45am

      Obama wants to tax “corporate jet plane owners”, while his wife and him fly all over the world, costing YOU and I $12 million bucks minimum everytime the AIR FORCE 1 & 2 take off. Over 25 trips, mostly vacations, and he’s angry because he wants even MORE $$$!!! As if he hasn’t spent enough already. What I will never understand is who are these morons who still believe his lies? And who are these imbeciles who WANT to give our blood sucking bloated leech of a government more tax dollars?
      Wish they’d post a ballot so if you want these slime ball thieves out of your pocket you vote NO MORE TAXES FROM ME….& these clowns who claim “our” government should get more, they could vote YES TAKE MY MONEY- I WANT MY CHILDREN TO STARVE!!!

      Report Post » Ded-Bred  
    • Islammustbestopped
      Posted on August 6, 2011 at 1:09am

      Someone better do something fast, Rome is burning and there’s 300 million Americans foaming at the mouth. These pundits in Washington playing games and making jokes is about to come to a screeching halt. This is 2011 and people actually have some since, there is 100 million middle-class workers that are growing more upset by the day. Unless someone does something very fast the U.S. has a very dark future. You Washington punks if ur reading this, you MUST start acting RIGHT NOW if not I fear for this current regime of greedy, selfish, thugs.

      Report Post »  
    • Falsegods
      Posted on August 6, 2011 at 2:00am

      Voters wanted third world change and that‘s what they’re getting !

      Report Post »  
    • Libertarian Infidel
      Posted on August 6, 2011 at 2:33am

      @hifi74 “Who are you trying to kid??? The Tea Party was the only group trying to bring this issue up, if it wasn‘t for them the Dems and Republicans wouldn’t of even brought up cutting spending. Sorry pal but your president and the Congress of the previous 4 years has spent more then ANY president has EVER spent. This is the product of Trillions in deficit spending and idiot job killing policies that this entire administration has championed like a true Corky. Try again chump!”

      —————————————————————————————————

      Once again, the tea party is parroting Libertarian ideas. The Libertarian Party brought this issue up, so no the Tea party is not the “only group to bring this up”. It’s good that the tea partiers are starting to see the libertarian way though, I guess. It’s just too bad a lot of “their ideas” have been exactly what the Libertarian Party has been saying since 1971, and it takes a “new party” to start before people realize those ideas are correct.

      Report Post » Libertarian Infidel  
    • Polwatcher
      Posted on August 6, 2011 at 5:37am

      Absolutely! These clowns do not deserve to be trusted much less depended upon to run the Ded and US Treasury. They are looter. It’s like the fox is in charge of the hen house. S & P is doing their job.

      Report Post »  
    • Jack2011
      Posted on August 6, 2011 at 6:07am

      Congressman Tim Scott (SC) and Congressman Hill (UT) never wore a uniform and voted CONSISTENTLY against budgets which raised the debt AND against extending the Patriot Act.

      Congressman Tim Scott is MORE OF A PATRIOT than Congressman Alan West who served 20 years in the military. Alan West FOLLOWS ORDERS WELL from Boehner and the elite Republicans and West ALWAYS votes EXACTLY as Boehner tell him to . Extend the Patriot Act – YES. Vote for budgets which call DEBT INCREASES over debt cuts – YES.

      Congressman Alan West is getting to the Sunshine Patriot he railed against in his revolution speech.

      Report Post »  
    • AOL_REFUGEE
      Posted on August 6, 2011 at 7:15am

      Makes one wonder, as with “The Fed”, who/what IS “Standard & Poor”, anyway? A mysterious bunch of old farts with ulterior motives? The brains of said old farts in a gelatinous, nutritional slurry of beef and chicken broth with attached electrodes conntected to some super-duper pooper-scooper computer in control of this country’s every move? Hmmm…

      Report Post » AOL_REFUGEE  
    • Armed Patriot
      Posted on August 6, 2011 at 7:57am

      Problem: Spending to much money, borrowing 40 cents of every dollar spent, overburdened taxes and regulations.

      Solution: Tax the 50 percent of Americans that dont pay ANY income tax at all. Cut corporate tax to 10 percent, no deductions. Pass a flat tax to get every person, citizen, illegal alien, dope dealer, prostitute, tourist, and foreign visitor to pay taxes in America, no deductions. Cut spending not growth in spending. Stop federal spending for unnecessary grants and programs, NPR, PBS, NEA, shrimp on a treadmill, gay mating habits of dope smoking chimpanzees etc. Anything not NECESSARY for the nation wont be paid for with federal funds. Cut all duplicate and unnecessary departments in the fed and cut 10% off this years budget for all federal agencies except for defense, medicare and social security. Next year cut an additional 10%. All seniors now on medicare and social security retain 100% of their entitlements. Raise the age of retirement to 67 for anyone under the age of 60. Some sort of cut MUST be made to those under the age of 55 more than merely raising the retirement age. Privatize the Post Office. Pass Cut, Cap, & Balance. End the Cass Sunstien federal regulations that are chasing jobs overseas. Open up ANWAR and the North Shore of Alaska, open the continental shelves and the Gulf of Mexico, open up the land leases for oil drilling. End the oil drilling moratorium & drill here, drill now, for economic gain and national security. This is just the beginnin

      Report Post » Armed Patriot  
    • Bush Hating Conervatives make me sick
      Posted on August 6, 2011 at 8:02am

      @hifi74. What’s this your President? Bush was your president as well! Bush’s debt in 8 years was 5.7 trillion- 10.6 trillion. Obam’s debt 10.6 trillion-14.3+ trillion in 3 years. W had the economy going good till 07, when the Dems took over. Remember the President dosen’t control the purse strings! My name says it all. Bush hating conservatives make me sick. I had to listen to that BS for 8 years from the left, I really don’t need to hear it from our side! Bush loved his country, Bush is a class act, Bush is a President you can be proud of. You can’t say any of that about the current Golfer and chief

      Report Post »  
    • smoothie
      Posted on August 6, 2011 at 8:15am

      I agree – fire the people that voted for this! They don‘t care about America’s stability! This stuff just blows me away – “budget your money – 101″ – You can’t spend more than what you make !!! – The GOVERNMENTS CREDIT CARDS HAVE GOT TO BE CUT UP!!!!

      Report Post »  
    • txbigfoot
      Posted on August 6, 2011 at 8:41am

      Now thats change we can believe in.. ..
      OMG what a dork Barry is. The first 1/2 breed president screws us. who would have “thunk it”
      Wonder what part is more to blame?
      :

      Report Post » txbigfoot  
    • Gonzo
      Posted on August 6, 2011 at 9:01am

      LinkedIn G
      I agree with you.

      Report Post » Gonzo  
    • AmericanPatriot01
      Posted on August 6, 2011 at 9:16am

      The system is crashing and there is no stopping it now. Soon you will be homless in the country your ancestors founded. You will be subjected to all kinds of scutiny from religeous affiliation to economic class and sorted from there. You’re too old to be useful to society?, say goodbye and die peaceably. You‘re a troublemaker and don’t agree with what box they put you in, too bad, shut up and eat your gruel, or you will be reprogrammed. Be a good little drone.

      Point is the “grand” is all but gone, the only hope we have of saving this republic will take more than will be allowed by our masters. It will take blood on our soil to awaken the spirit of the American People, but even that may not be enough anymore. We have become so jaded to the lies and confortable with the currupted nature of gov’t. I’m afraid that only drastic actions will make any difference. We don’t have much time left in any capacity, before the GOD events have us all running for shelters. Hope your right with GOD, and for those that don’t believe, YOU WILL when he is in your skies, leaving you behind to face the horror of the 7 years of tribulation. Oh its coming… we know that date. Ask any astronomy specialist about the transition through the universal event horizen. They know all about it and that it takes appox. 7 years for our galaxy to transit though it. Ask them what it will do to this planet, our solar system and the galaxy itself. and get this, the Maya mapped it out in their calendar

      Report Post » AmericanPatriot01  
    • AmericanPatriot01
      Posted on August 6, 2011 at 9:36am

      CONT’

      It starts the day the mayan clendar ends. The date is December 21, 2012. The reason the colendar ends is because after that day the calendar will no longer be relevant. It will no longer represent the schedules that have existed for the past 3,600 years. It states in the texts that there will be changes in the flow of time, in reference it means that the length of the days will change, the number of days in the year will change, the seasons will change. and in reference to the tales we understand as that of of Noah and the ark, date back to be “legend” even as far back as the sumerian tablets and are now believed to have been about how human kind survived an event when last the earth experienced this particular transition.

      Maybe I’m just out of my mind and crazy as a loon. I got nothing else to lose. The truth has no agenda and I gain nothing but ridicule for making this known to you. God and Logicd guide my hand to what even a blind man can see.

      Report Post » AmericanPatriot01  
    • cloudsofwar
      Posted on August 6, 2011 at 9:38am

      who will Obama blame next? stay tuned. I don’t think this bothers BO one bit, he wants to rule a third world nation and this is just one more step toward that goal. he doesn’t like the government process we have and just wants to do things on his own. maybe the committee of 12 will be HIS super congress. can you say dictator. we been set up by our leaders, Boehner,Reid,McConell,Peelosi et al. it’s all down hill from here. this bum i mean bums need to be thrown out NOW we can’t wait until 2012.

      Report Post »  
    • cloudsofwar
      Posted on August 6, 2011 at 9:46am

      our government is made up of Liberals and Progressives very few true Conservatives. I’m surprise it took this long. where is this going to lead? nowhere of course, just keep going along to get along. i can’t wait to hear the reasons from Peelosi and the gang.

      Report Post »  
    • HairOfTheDogSob
      Posted on August 6, 2011 at 10:54am

      98% of black voters. Voted obuma..I never said ..“all”..blacks are idiots..just 98% of them…

      Report Post » HairOfTheDogSob  
    • Bum thrower
      Posted on August 6, 2011 at 2:21pm

      S&P: the same guys that rated the ‘subprime derivatives’ as AAA; yea, right; I don’t believe them one wit….or Moody’s either….they are all a den of snakes,and ‘cronie capitolists’…Gold; it’s a metal; I’d rather have lead!

      Report Post »  
    • tifosa
      Posted on August 6, 2011 at 3:16pm

      Hint: Who is behind the S&P and who would THEY vote for. It’s been nailed.

      Report Post » tifosa  
    • Okie from Muskogee
      Posted on August 6, 2011 at 4:05pm

      Americans you can’t be this dumb. Think for one second. 

      TEA party wanted to stop spending, actually cut spending, and no new taxes. 

      Progressives (Dems & Repubs) wanted to continue spending and raise taxes. 

      Which did we get? As Progressive Boehner says, “he got 98% of what he wanted”. The TEA party attained nothing they stood for. The TEA Party 

      Boehner is not of the TEA party, he is of the Progressives and showed just that. Allen West is nothing but a water carrier for the Progressive Republicans. He will do as he is told. NO HONOR! 

      China says no more debt America. 
      Rating agencies said 4 trillion at least had to be cut. 
      TEA party says stop taxes and spending. 
      Progressives say spend and tax more. 

      FYI-Corporations are owned by your 401k’s. New taxes on corporations leads to less money in your 401k. “Rich” people do not work therefore raising rates would not benefit our country as 95% their income come from capital gains from investments. New taxes would lead to companies leaving even faster, less jobs for Americans, less revenues in taxes. 

      Americans your being played as a fool. Are you this stupid? Are you this lazy and worthless you will not stand up for yourself and for what is right? For your children and their children? If you believe Washington’s propaganda we deserve all the miseries coming our way. 

      The TEA party were the only Americans standing in the Truth. Wake up America! 

      Report Post » Okie from Muskogee  
    • dblazerone
      Posted on August 6, 2011 at 4:43pm

      Best assessment of the situation and what has gotten us there. This guy’s willing to call to account anyone who is not doing their job. Could he be our next president?

      http://video.foxnews.com/v/1093000031001/trump-obama-made-us-laughingstock

      Report Post »  
    • chalkdust
      Posted on August 6, 2011 at 5:16pm

      I am just about certain that our credit rating was going to be downgraded no matter what was done in Washington. That is why they were falling all over themselves trying to hang the blame around each others necks.
      Politically, the democrats are going to win this one. They instantly started the propaganda about the tea party holding the country hostage and they are to blame for the downgrade. Its just not true but facts don’t really matter. The public is going to buy that scenario. The machine is running around the clock.
      It should be clear to those watching that this train is on a track that abruptly ends at some point in the near future. If you think a different political party is the answer, you’ve not been paying attention.

      Report Post » chalkdust  
    • one years food ration like glenn says
      Posted on August 6, 2011 at 5:28pm

      @BIBLE QUOTING … Tea Terrorists unwillingness to compromise and their union-like threats to vote out anyone who opposed them is the cause of this. You can’t get 100% of your demands. You’re not the only americans. Grow up. …… Exactly, this IS what happens when the Tea Part doesn’t get 100 % we lost our tripple A rating and got downgraded. FOOL !!!

      Report Post » one years food ration like glenn says  
    • silentwatcher
      Posted on August 6, 2011 at 7:31pm

      To all the congressmen/women, senators, reps, president, vice president (ALL-not just one political party-ALL),,,,well done. Your individual sacrifices made to your political agendas (and supporters) have enabled the U.S.A. to enter into a financial zone never before having been reached. You all are willing to allow the country’s economy to collapse with your selfish, political, finance gaining strides at getting your self absorbing way. The 08 recession devasted many of the middle and lower class,,,and what they managed to salvage from it is now being threatened with the economical plunder of your political actions of the so-called ‘debt-debate/debacle.’

      May your ugly actions be one day discovered and you EACH stripped of your life savings. May you live the remainer of your days having to find work in an economy where you cannot find work. May you find out what it is like to have to feed your family or pay your mortgage.

      You have colletively participated in the rape of America,,,stripping the wealth from it’s citizens. May the thoughts of what you have done curse your conscious each day you live.

      Report Post »  
    • lillymckim
      Posted on August 7, 2011 at 10:04am

      When you have the LEADER OF OBAMA JOBS COUNCIL,

      Jeff Immelt, Moving GE’s Health Care Unit to China…..

      where’s…. the growth? Obama?

      C-H-I-N-A

      The leader of Obamas job council? Obama knows “exactly” what he is doing to the United States.

      Report Post » lillymckim  
    • DeliverUsFromEvil
      Posted on August 7, 2011 at 1:22pm

      At least S&P waited until late on a Friday to make the announcement just like any White House effort to bury bad news. Coordinated? Nahhhhh

      Report Post »  
  • Chappy123
    Posted on August 5, 2011 at 9:03pm

    Happy Birthday!

    Report Post »  
    • jackbauer
      Posted on August 5, 2011 at 9:23pm

      Yeah, I’d say Obama just got the first of his birthday wishes. His deliberate collapse of the US is finally physically taking shape.

      Report Post » jackbauer  
    • what4
      Posted on August 5, 2011 at 9:23pm

      Mission accomplished! Right Barry!

      Report Post »  
    • Louie Louie the Progressive
      Posted on August 5, 2011 at 9:41pm

      Lots and lots of empty seats at NASCAR these days……………………how are those 2008 Teeshirts holding up for you Rednecks………………………???

      Report Post » Louie Louie the Progressive  
    • dealer@678
      Posted on August 5, 2011 at 9:45pm

      The rating will be a D- by this time next year. Impeach him NOW before it comes to that

      Report Post »  
    • Armed Patriot
      Posted on August 6, 2011 at 8:05am

      @Chappy123…

      I couldnt agree more. Whil the Dow lost over 1.6 trillion dollars of Americans investments he partied like it was 1999 on the taxpayer dole. I wonder what his White House birthday partaaay cost the citizenry. Remember Rome burned while the Ceaser played the fiddle.

      Report Post » Armed Patriot  
  • wewantchillywilly
    Posted on August 5, 2011 at 9:02pm

    can’t wait to apply for a loan now! you talk about an straw that will break the camels back. but maybe i can find a higher interest CD.

    Report Post »  
    • LinkedIn G
      Posted on August 5, 2011 at 9:11pm

      The housing industry must be just clapping their hands…Thanks Obama.

      Report Post » LinkedIn G  
    • Armed Patriot
      Posted on August 6, 2011 at 8:23am

      I have the feeling this was only the beginning of the Great Obama Depression, and this was the Weimar moment.

      Report Post » Armed Patriot  
  • beekeeper
    Posted on August 5, 2011 at 9:01pm

    And we got it – a downgrade to AA+ because our debt ceiling compromise didn’t go far enough…

    Yay for compromise!

    Report Post » beekeeper  
    • The-Monk
      Posted on August 5, 2011 at 9:08pm

      S&P downgrades US from AAA to AA… translation;

      AAA is the company that sends someone out to pull your car out of a ditch.
      AA is the place you go to when you have an addiction.

      S&P is saying that the US Government has an addiction and has cut up the US AAA card.

      Bout time!

      Report Post » The-Monk  
    • SavingtheRepublic.com
      Posted on August 5, 2011 at 9:12pm

      ^____^____^
      Compromise will be part of the blame from the leftist loons that they should have done what they wanted. Mean while Emperor Obama is sitting in his throne right now thinking “Its YOUR fault conservatives, TEA party, republicans, Japan with your earthquakes and tsunamis, Europe and all your financial unrest. Its all of your fault!

      Oh and George Bush’s fault too!”

      http://SavingtheRepublic.com

      Report Post » SavingtheRepublic.com  
    • Watchingtheweasels
      Posted on August 5, 2011 at 9:43pm

      It is very important to get this message out, Tbe progressives are going to blame conservatives by saying “see what happens when you won’t let us raise taxes (they will call it raising revenue.” They will never admit to their overspending being the cause. They will never admit the fact that there isn’t enough tax money available by raising rates to fix this. Will this mean higher interest rates? Yes, unless the fed is willing to accept future failed auctions and monetization of 100% of our debt – which would lead to Weimar style hyperinflation.

      Report Post »  
    • tifosa
      Posted on August 5, 2011 at 11:41pm

      Reminder, Boehner “we got 98% of what we want.” The teapublicons own this.

      Report Post » tifosa  
  • CFHeather
    Posted on August 5, 2011 at 9:00pm

    Think Progress and ******** already blaming Tea Party and GOP House members for this. Be prepared

    Report Post » CFHeather  
    • beekeeper
      Posted on August 5, 2011 at 9:04pm

      One of S&P’s complaints is that Medicare reform is needed, and minor tweeks won’t cut it.

      The Dems will have to blame the Tea Party for not cutting Medicare more drastically – not an easy task, but if history is any indication, they just might be able to pull it off…

      Report Post » beekeeper  
    • tifosa
      Posted on August 5, 2011 at 11:47pm

      If the shoe fits…Had they taken Presient Obama’s GRAND BARGAIN ($4T) that Boehner and Cantor bagged out on…

      Report Post » tifosa  
  • Ecl
    Posted on August 5, 2011 at 8:58pm

    Don’t know how much more this country can take before it dose collapse.

    Report Post »  
  • KickinBack
    Posted on August 5, 2011 at 8:58pm

    Interesting speech.

    http://geekpolitics.com/obama-on-raising-the-debt-ceiling/

    Report Post » KickinBack  
  • LinkedIn G
    Posted on August 5, 2011 at 8:57pm

    Is this the Jobs Jobs Jobs lazer focus that he promised ? Obama…this only makes the cost of borrowing money cost more. Your war against the rich has attacked the little guy again. Good Job !
    Obama…Can you just PLEASE stop attacking the rich ? It’s killing us little guys.

    Report Post » LinkedIn G  
    • Shasta
      Posted on August 5, 2011 at 9:15pm

      Obummer is taking down the poor and the middle class at a much faster rate than he is destroying the wealthy. In the end, only he and a few of his friends will have the money and what little power the USA still yields. Yippee for hopelessness and change for the worse

      Report Post » Shasta  
    • LinkedIn G
      Posted on August 5, 2011 at 9:33pm

      At Shasta…YEAH…do you think the rich are gonna be affected by this ? They don‘t need to borrow money if they aren’t in the game. They will just stay on the sidelines…like they have been. It’s us little guys that suffer as Obama attacks the rich. To think they will be punished, like the left believes, is a dream. You can’t MAKE somebody stay in business, hire, or bring overseas jobs home. You have to entice them to do so.

      Report Post » LinkedIn G  
  • onebigassmistakeamerica
    Posted on August 5, 2011 at 8:56pm

    It is a good thing I’m loaded up on silver coins and bullion and not federal reserve notes!

    Report Post »  
  • cromag11b
    Posted on August 5, 2011 at 8:56pm

    Everyone, and I mean everyone, in DC is culpable for this.
    From the ignorant freshman Tea Party, to the obstructing GOP to the do nothing Dems.

    Report Post » cromag11b  
  • patriot51
    Posted on August 5, 2011 at 8:55pm

    And the Pre-Ordained Downward spiral continues.The Globalists are taking our homes,our jobs,our kids,our country and our christian heritage all in one fell swoop! Can anyone say… kneel before Allah or Die? In the Last 16 months…I have lost my Home, my Job, My Wife of 30 years and my 10 year old dogs i’ve had since they were puppies cause i had no home! all because of the greed of money and power hungry evil wicked sinful people. Can anyone say…Jesus…if ever we needed you.., it is NOW!
    Psalm 2
    New King James Version (NKJV)

    Psalm 2
    The Messiah’s Triumph and Kingdom
    1 Why do the nations rage,
    And the people plot a vain thing?
    2 The kings of the earth set themselves,
    And the rulers take counsel together,
    Against the LORD and against His Anointed, saying,
    3 “Let us break Their bonds in pieces
    And cast away Their cords from us.”

    4 He who sits in the heavens shall laugh;
    The Lord shall hold them in derision.
    5 Then He shall speak to them in His wrath,
    And distress them in His deep displeasure:
    6 “Yet I have set My King
    On My holy hill of Zion.”

    7 “I will declare the decree:
    The LORD has said to Me,
    ‘You are My Son,
    Today I have begotten You.
    8 Ask of Me, and I will give You
    The nations for Your inheritance,
    And the ends of the earth for Your possession.
    9 You shall break[a] them with a

    Report Post » patriot51  
    • nubl33t
      Posted on August 5, 2011 at 9:01pm

      god bless….

      Report Post » nubl33t  
    • LadyIzShy
      Posted on August 5, 2011 at 9:57pm

      God Bless you

      Report Post » LadyIzShy  
    • 4truth2all
      Posted on August 6, 2011 at 12:36am

      Sorry for your loss. I know its easy to say, but Christ is gain. Think of Joseph or Job or how the Book ends. I kneel to one and Allah ain’t the one. Blessings

      Report Post »  
    • illinoisnana
      Posted on August 6, 2011 at 1:17am

      The problem is: too many americans looked to odummer as their God and look what it got all of us so now God has taken us to our knees, now its our choice what we do from here on out. There are many americans who have lost everything but God is a God that can restore just trust him.
      Tomorrow is the Prayer Meeting that is being held in Houston, prayers are being answered before it begins and it is going to be interesting to see what else God has in store from this prayer meeting. Get on your knees if you really want to see things turn around. This is just the beginning = I am believing that odummer will resign before next weekend and we can pray this into existence, we just have to believe God is on our side we have to do our part we can’t be complacent any longer we have to take this stand.

      Report Post »  
  • Son_of_Liberty
    Posted on August 5, 2011 at 8:55pm

    “No pecuniary consideration is more urgent, than the regular redemption and discharge of the public debt: on none can delay be more injurious, or an economy of time more valuable.” George Washington

    Who saw this one coming?

    3%

    Report Post » Son_of_Liberty  
  • Robert-CA
    Posted on August 5, 2011 at 8:55pm

    Yep lib loons keep spending $$$$$$$$$$$ that is not yours .

    Report Post » Robert-CA  
    • vitaminb6b12
      Posted on August 5, 2011 at 9:04pm

      This is a result of Tea Party Racisim. lol
      If we would have raised Taxes like Babamba said… this wouldnt have happened! lol
      Bush did it. lol
      The Republicans did it. lol

      Report Post »  
    • Robert-CA
      Posted on August 5, 2011 at 11:38pm

      The only thing lib loons won’t spend is their own money .
      I still can‘t get it how they don’t understand that we’re broke .

      Report Post » Robert-CA  
  • The Toad
    Posted on August 5, 2011 at 8:54pm

    Obama just made the history books what a historical president. During his watch the country’s credit rating was downgraded to AA+ from AAA. The first time this has been done in U.S. history. Great job Obama!

    Report Post »  
    • vtxphantom
      Posted on August 5, 2011 at 9:13pm

      Right on. It is the obama administration that will take the hit for this. The history books will point to the president that this happened under. obama is going into 2012 with this on his back. Although I don’t like the downgrade and it will hurt this country, it will also hurt obama.

      Report Post »  
    • Chappy123
      Posted on August 5, 2011 at 9:17pm

      Change doesnt happen overnight or next week. The “B” is coming.

      Report Post »  
  • rienheart
    Posted on August 5, 2011 at 8:54pm

    Obama‘s administration say’s there is DEEP Fundamental flaws in S & P ‘s analisys. Unfortunately, it is the Pot calling the Kettle Black. We are is DEEEP DOO DOO

    Report Post »  
    • 4truth2all
      Posted on August 6, 2011 at 12:49am

      Need to buy me a made in China shovel, course maybe not, I might need it for awhile I better find a made in Mexico one. I‘d look for a made in USA but that ain’t workin so good either.Maybe I better buy more that one.

      Report Post »  
  • KickinBack
    Posted on August 5, 2011 at 8:54pm

    Wow, even Bush couldn’t accomplish that!

    Report Post » KickinBack  
    • cromag11b
      Posted on August 5, 2011 at 8:57pm

      But he did the stage.

      Report Post » cromag11b  
    • Chappy123
      Posted on August 5, 2011 at 8:57pm

      He didnt try hard enough.

      Report Post »  
    • LinkedIn G
      Posted on August 5, 2011 at 9:45pm

      This is Obama’s economy. The tired “blame game” against Bush doesn’t fly anymore. NOW…what do we do ? Be responsible and take the steps needed to create JOBS. Stop threatening the rich. Can we just try that ? Can we just guaruntee no tax increases for a few years ? They have told us plainly…take away the threat of raising taxes…and we will invest OUR money.

      Report Post » LinkedIn G  
    • tifosa
      Posted on August 5, 2011 at 11:36pm

      “They have told us plainly…take away the threat of raising taxes…and we will invest OUR money.” The tax cuts occurred in 2001&2003…the fact is that tax cuts DO NOT/HAVE NOT lead to job growth/hiring.

      Report Post » tifosa  
  • freekazoid
    Posted on August 5, 2011 at 8:53pm

    Thank You Obama. I hope that all History books will show that you are the first president that had our country downgraded by you and your admin. This will prove to all children that socialism will not work. Sad so sad that this all could have been avoided if people didn’t vote for the hope and change that the smart people knew what was coming.

    Report Post »  
  • Jerbear1098
    Posted on August 5, 2011 at 8:53pm

    Yeah!!!! The Golfer in Chief got what he wanted…. To screw the American people.

    Report Post » Jerbear1098  
  • wewantchillywilly
    Posted on August 5, 2011 at 8:53pm

    “the Obama administration believes S&P’s analysis contained “deep and fundamental flaws.””

    good. they already found who they’ll blame.

    /Sometimes, it feels really good to say I told ya so.

    Report Post »  
  • Jediusetheforce
    Posted on August 5, 2011 at 8:51pm

    Its about time. Standard and Poor’s is American and I am surprised to see.

    Report Post »  
  • auntmoxie.com
    Posted on August 5, 2011 at 8:50pm

    Yes, S&P has the problem…. (Right.) Once again the White House fails to look at itself.

    Report Post » auntmoxie.com  
  • AmericanWomanFirst
    Posted on August 5, 2011 at 8:49pm

    r we surprised???

    Report Post » AmericanWomanFirst  
  • xoke
    Posted on August 5, 2011 at 8:48pm

    If the US was a person…I wouldn’t loan to them. Not until they get they’re compulsive spending under control.

    Report Post » xoke  
  • teapartyconservatism
    Posted on August 5, 2011 at 8:47pm

    Obama and his ilk are sabotaging the economy by interfering with the private sector, raising taxes, and incurring unprecedented insurmountable debt.

    Obama must be removed and the damage undone pursuant to Article 2, Section 1, “No person except a natural born Citizen, or a Citizen of the United States, at the time of the Adoption of this Constitution, shall be eligible…”

    Exempting a citizen from being a natural born citizen, proves they’re not equal. Natural born exceeds minimal citizenship requirements at the time, of birth in the U.S. of a U.S. citizen father, leaving just one possibility, which was later confirmed by the Supreme Court.

    Supreme Court, Minor v. Happersett, 1874. “The Court held that Minor was a member of the “class” of persons who were natural born citizens. They defined this class as those born in the US to “parents” (plural) who were citizens.” This is “binding precedent as to the Constitutional definition of a natural born citizen.”[1]

    Obama’s Kenyan father precluded his being a natural born citizen!

    Demand your elected officials remove Obama now, in accordance with their sworn oath to support and defend the Constitution against all enemies, foreign and domestic.

    1. Leo Donofrio, JD., “Minor v. Happersett Is Binding Precedent…,” http://naturalborncitizen.wordpress.com/2011/06/24/minor-v-happersett-is-binding-precedent-as-to-the-constitutional-definition-of-a-natural-born-citizen/ (6/24/2011).

    Report Post » teapartyconservatism  
    • UBETHECHANGE
      Posted on August 5, 2011 at 8:57pm

      Stop with the birther crap already, you are not helping the cause.

      Report Post »  
    • fatjack
      Posted on August 5, 2011 at 9:10pm

      teapartyconservatism
      Posted on August 5, 2011 at 8:47pm

      Obama and his ilk are sabotaging the economy by interfering with the private sector, raising taxes, and incurring unprecedented insurmountable debt.
      ————————————————————————————————————————————–

      Obama Admin Adds 608 New Regulations in July!

      http://visiontoamerica.org/2893/obama-admin-adds-608-new-regulations-in-july/

      Report Post » fatjack  
    • teapartyconservatism
      Posted on August 5, 2011 at 10:08pm

      @ Ubethechange

      Obama’s reign of economic sabotage can be stopped by upholding Article 2, Section 1, of the Constitution. No mention was made of his alleged birth location.

      The Alinsky tactic of distracting public attention away from the Constitutional truth that he is not a natural born citizen, by trying to redefine the issue and shift focus to speculation about his alleged birth location, will no longer work.

      “The wicked worketh a deceitful work: but to him that soweth righteousness shall be a sure reward.” Proverbs 11:18.

      As for those who do wish to also delve into the birth certificate controversy, now that his original birth certificate has been subpoenaed, no doubt it will continue to make for fascinating reading as more facts come to light.
      http://www.wnd.com/index.php?fa=PAGE.view&pageId=98546

      Report Post » teapartyconservatism  
  • nickyinva
    Posted on August 5, 2011 at 8:46pm

    Lesson to learn: STOP the spending

    Report Post »  
    • Jediusetheforce
      Posted on August 5, 2011 at 8:52pm

      Increase the spending so we can reset the government by cutting government jobs.

      Report Post »  
    • 4truth2all
      Posted on August 6, 2011 at 12:54am

      To jediusetheforce: Would you like more gas to put out the fire?

      Report Post »  
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