Reagan took the Soviet Union down to its knees but it took Barack Obama to bring the US to its knees

Flopping Aces ^ | 08-08-11 | DrJohn

[Starman417]

Back in April Timmy Geithner said there was no chance that the US credit rating would take a hit.

Treasury Secretary Tim Geithner said Tuesday there is "no risk" the U.S. will lose its top credit rating amid a new analysis that revised its outlook on American debt to "negative."

Geithner took to the airwaves of financial news networks to push back against a report Monday by Standard & Poor's that lowered its outlook on U.S. debt to "negative," reflecting political uncertainty over whether lawmakers will reach an agreement to address long-term debt.

There is no chance that the U.S. will lose its top credit rating, Geithner said, forcefully disputing the notion that S&P or other ratings services might downgrade U.S. bonds from their current AAA rating.

"No risk of that, no risk," Geithner said on the Fox Business Network.

Oops.

While Obama was partying hearty at his $35,000 a plate bash, S&P was lowering the the US credit rating.

Standard & Poor’s announced Friday night that it has downgraded the U.S. credit rating for the first time, dealing a symbolic blow to the world’s economic superpower in what was a sharply worded critique of the American political system.

Lowering the nation’s rating to one notch below AAA, the credit rating company said “political brinkmanship” in the debate over the debt had made the U.S. government’s ability to manage its finances “less stable, less effective and less predictable.” It said the bipartisan agreement reached this week to find at least $2.1 trillion in budget savings “fell short” of what was necessary to tame the nation’s debt over time and predicted that leaders would not be likely to achieve more savings in the future.

Obama's only budget offering was laughed out of the Senate 97-0.

democrats went more than 800 days with no budget.

These are not serious people.

[RC one]

Vladmir Putin is openly calling Americans parasites and China has emphatically stated that the good old days of lending money to America have come to an end. I don’t care about the former and I like the latter; still, it shows how far we have fallen since the 2008 election.

[Fred]

There is plenty of blame to go around, and there are plenty of senators and congressmen in office today that fully cooperated in the ghastly levels of spending over the last 11 years...republican and democrat alike...

[cruise_missile]

Obama is to the U.S.A.
What Reagan was to the U.S.S.R.

So Obama is like Reagan.
In a twisted way.

[Cheetahcat]

A Black Democrat brought the place down,Spending like a wino,What was his Personal credit score,300??

[CORedneck]

This country taken down by an inside job !