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The ratings downgrade is actually due to insufficient spending cuts. S&P threatens anadditionaldowngrade if even the meager spending cuts Obama and the Dems agreed to aren't forthcoming:TOO MUCH SPENDING is the problem.
Obama proposed 4 trillion in cuts where the right wingers refused to cut a penny of their own. The tax cuts for the rich are INSANE unneeded spending which the S&P states is one of the main problems. The tax cuts for the rich the GOP and tea party forced through added 900 billion in spending which was unpaid for, in other words we had to get loans to pay for it which the S&P thinks is not needed, which it isn't.
The democrats, HUGE cuts.
The right, a small sliver without a penny of "their" cuts.
In the end,
"We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues"
The S&P has made it clear the GOP and tea party are the main problem for the downgrade no matter what you do to try and spin it.
Yeah, great job tanking the economy.... Taking away hundreds of billions of dollars of wealth from the American people... You guys have outdone Al Qaeda in destroying our economy... You ought to be proud... But first you ought to be hung... We need no enemies with traitors like yourself doing all they can to destroy our country... Why do you hate America???????????????
Excellent post. The tea party sucks. Their racist agenda has no place in this society. People can see that clearly now. I owe you rep points.
Yeah, great job tanking the economy.... Taking away hundreds of billions of dollars of wealth from the American people... You guys have outdone Al Qaeda in destroying our economy... You ought to be proud... But first you ought to be hung... We need no enemies with traitors like yourself doing all they can to destroy our country... Why do you hate America???????????????
It was built on credit--it was going to fail anyway when the well dried up. Better now than later.
Hmmm... let's see... the TEA Party WANTED to make the spending cuts S&P required to avoid the downgrade, but Obama promised a veto.
The actual facts reveal that it was NOT the TEA Party who caused the downgrade. The problem lies elsewhere.
Yeah OBAMA has some ideas to help Where were these ideas the past 30 months or the gaggle of Dimos in Charge under Pelosi's leadership 60+ months ago ? They wait till the last minute and blame the new kids on the block with un-American terms for their diddle-daddling around....besides King Harry and Dictator Barry said anything brought to them was D.O.A. or a threaten VETO by this blowhard excuse making POTUS...JMO.
S&P stated very clearly that they didn't have a preference for cuts or revenue increases.
as usual, you're reading between the lines, trying to put words into peoples' mouths that aren't really there.
No, I'm reading the news instead of HuffPo and Daily Kos propaganda.
Again...
Quote:
The credit rating agency on Friday lowered the nation’s AAA rating for the first time since granting it in 1917. The move came less than a week after a gridlocked Congress finally agreed to spending cuts that would reduce the debt by more than $2 trillion — a tumultuous process that contributed to convulsions in financial markets. The promised cuts were not enough to satisfy S&P.
The drop in the rating by one notch to AA-plus was telegraphed as a possibility back in April. The three main credit agencies, which also include Moody’s Investor Service and Fitch, had warned during the budget fight that if Congress did not cut spending far enough, the country faced a downgrade.
S&P downgrades US credit rating from AAA - Boston.com (http://articles.boston.com/2011-08-06/business/29859269_1_credit-rating-aaa-rating-s-p-analysis - broken link)
Did you miss the three main credit agencies' warnings in April?
The Tea Party is simply the one that said "the emperor has no clothes," yet you blame them instead of the emperor (emperors) and the tailors that have been full of it for years.
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