[Carling]

“Official reasons” = White House spin. The process of raising the debt ceiling has nothing to do with Obama’s horrific economy.

[kabar]

The real reason for the downgrade is that the US lacks the political will to cut its spending. You can't run trillion dollar plus deficits three years in a row and be fiscally responsible. When Obama took office the national debt was $10 trillion. At the end of his fourth year, the nation will have a national debt of $17 trillion.

We are witnessing the collapse of the welfare state. The entitlement programs are the real drivers of our debt along with means tested welfare programs. Obama is partially responsible for increasing the discretionary budget, but the welfare state is the real problem. We can't afford it, especially with an aging population and mass retirements associated with the baby boomer generation.