S&P downgrades US debt from AAA..... (interview, v, states)
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What is with the GOP mantra that the balanced budget must only include cutting spending?
Even the Republican Senators know that there are tax loopholes and subsidies that exist for companies that are making record profits.
Stop the silliness. We need trillions in cuts, when Pelosi and Reid say they won't touch entitlements we have a problem. Willy Sutton said he robbed banks because that's where the money is. My friend, taxes are not where the money is, you can't raise trillions in taxes. You can only cut trillions in spending. Taxes are nibbling around the edges.
Obama's is a historical Presidency indeed. Just not for the reasons most anticipated in November 2008.
Quote:
Credit rating agency Standard and Poor's says it has downgraded the U.S. credit rating from a top AAA rating to AA+, the first debt downgrade in U.S. history.
S&P said that in addition to the downgrade, it is issuing a negative outlook, meaning that there was a chance it will lower the rating further within the next two years. It said such a downgrade to AA would occur if the agency sees less reductions in spending than Congress and the administration have agreed to make, higher interest rates or new fiscal pressures during this period.
Congratulations GOP, you succeeded in your mission. The five month deficit circus finally paid off.
Dems had no hand in this? They could have averted this whole mess they had control of the house and senate as well as the sitting president.
Why didn't they do something about it? What they did do. Spent money like there was no tomorow.Your talking 5 months? What about the 4 previous years?what about the 2 years where the dems controled it all?
This is a bipartisan mess and its hardliners supporting villians of their own flavor that are the problem.
You dont have to post it but be honest with yourself. The Dems tanked it. If they really were worried about deficet spending why didnt they act on it when they had a stacked deck. The reality is they were not worried about it.
Stop the silliness. We need trillions in cuts, when Pelosi and Reid say they won't touch entitlements we have a problem. Willy Sutton said he robbed banks because that's where the money is. My friend, taxes are not where the money is, You can't raise trillions in taxes. You can only cut trillions in spending. Taxes are nibbling around the edges.
And therein lies the problem. GOP don't want to touch the possibility of increasing taxes while the Democrats don't want to touch entitlement.
I dislike both parties, but I dislike the GOP even more.
Interesting thread...at least in proving S&P right since a large portion of the reason for the downgrade seems to be our political differences and their distrust in us to ever get along in order to get anything done.
We're long past the blame game folks but if we're going to start handing it out, both parties should step up for a large helping.
S&P now makes decisions based on their crystal balls? Point is, we are not defaulting.
This coming from the agency that gave the green light to invest in mortgage securities that included sub-prime loans? Yeah, ok...whatever.
We have Moodys and Fitch. S&P can go take a hike.
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