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S&P Downgrades U.S. Debt Rating Press Release (Boehner-McConnell FAILURE)
Wall Street Journal ^ | 8/5/11 | S&P

Posted on 08/05/2011 5:58:18 PM PDT by jimbo123

Standard & Poor’s took the unprecedented step of downgrading the U.S. government’s “AAA” sovereign credit rating Friday in a move that could send shock waves through global. The following is a press release from Standard & Poor’s:

– 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.

(Excerpt) Read more at blogs.wsj.com ...


TOPICS: News/Current Events
KEYWORDS: aa; aaa; aaplus; creditrating; cutcapbalance; debt; debtceiling; debtlimit; downgrade; economy; geithner; obama; obamanomics; ratingservices; standardpoors; treasury; triplea; usa2aa
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Standard & Poor’s took the unprecedented step of downgrading the U.S. government’s “AAA” sovereign credit rating Friday in a move that could send shock waves through global. The following is a press release from Standard & Poor’s:
1 posted on 08/05/2011 5:58:20 PM PDT by jimbo123
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To: jimbo123

This will cost all of us, like a tax hike


2 posted on 08/05/2011 6:01:16 PM PDT by GeronL (The Right to Life came before the Right to Happiness)
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To: jimbo123

yep...nobody saw that one coming...

At least they waited until after Premier Hussein’s birthday...


3 posted on 08/05/2011 6:01:35 PM PDT by Bean Counter ( The fit is hitting the shan....)
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To: jimbo123
Not to worry. Bloomberg says "S&P Reconsiders U.S. Downgrade, Unidentified Official Tells CNN"

Interesting happenings.

4 posted on 08/05/2011 6:02:02 PM PDT by _a_0_0_
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To: jimbo123

Time to impeach the POS!


5 posted on 08/05/2011 6:02:09 PM PDT by immadashell
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To: jimbo123
"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."

That almost sounds like something one of those TeaParty Terrorists might say.

6 posted on 08/05/2011 6:02:09 PM PDT by gorush (History repeats itself because human nature is static)
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To: jimbo123

The move came even though the Treasury Department said that it had found a math error in the firm’s calculations of deficit projections, according to a person familiar with the matter................LOL...Barry and Timmy trying to teach S&P about math errors??


7 posted on 08/05/2011 6:02:25 PM PDT by milwguy
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To: GeronL

Our debt just went into outer space.


8 posted on 08/05/2011 6:02:31 PM PDT by Terry Mross (I'll only vote for a SECOND party.)
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To: jimbo123

Just had to pass that debt ceiling increase or we’d lose our AAA rating! Good thing we did! /S HEAVY


9 posted on 08/05/2011 6:04:07 PM PDT by Road Warrior 04 (I miss President Bush greatly! Palin in 2012! 2012 - The End Of An Error! (Oathkeeper))
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To: GeronL

This will be the end of America as we know it. Bonds will now be devalued and interest rates are going up. Many people just hanging on to their homes and minimum credit card payments will fall off the cliff. There is no safe place to put your money as the bond market is now going to fall.


10 posted on 08/05/2011 6:04:38 PM PDT by dougiefresh
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To: jimbo123

Nero fiddles while Rome burns. Odummys failure is now complete.


11 posted on 08/05/2011 6:04:47 PM PDT by mardi59 (T)
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To: GeronL

This will be the end of America as we know it. Bonds will now be devalued and interest rates are going up. Many people just hanging on to their homes and minimum credit card payments will fall off the cliff. There is no safe place to put your money as the bond market is now going to fall.


12 posted on 08/05/2011 6:04:47 PM PDT by dougiefresh
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To: milwguy

Barry, Timmy, Johnny, Mitchy, Nancy and Harry are going to give S&P a lesson in Kenyan Economics.


13 posted on 08/05/2011 6:04:55 PM PDT by jimbo123
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To: Terry Mross

What’s the problem? It just makes it harder to go into debt. I see it as a good thing. Take the crack away from the addict.


14 posted on 08/05/2011 6:05:07 PM PDT by refermech
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To: milwguy

Timmy must have been using his “special” liberal version of Turbo Tax again...

Debt and unbridled spending has consequences..the can being kicked down the road just fell into the well.


15 posted on 08/05/2011 6:05:19 PM PDT by rolling_stone
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To: milwguy
LOL...Barry and Timmy trying to teach S&P about math errors??

Yep! Using the Turbo-Tax method!

16 posted on 08/05/2011 6:05:37 PM PDT by Road Warrior 04 (I miss President Bush greatly! Palin in 2012! 2012 - The End Of An Error! (Oathkeeper))
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To: jimbo123
An historic precedent for an historic president.

Banana splits for everyone !

17 posted on 08/05/2011 6:05:42 PM PDT by justa-hairyape
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To: jimbo123

Before these last few years, I never thought I’d see the day when something like this could happen. I honestly and truly didn’t.

I don’t claim to be an expert on subject, of course. But it seems to me, even if we get the rating back in the future, the unshakeable certainty and “invincibility” of the U.S.’s fiscal reputation is gone forever.


18 posted on 08/05/2011 6:06:30 PM PDT by DemforBush (Serpentine, Shel! Serpentine!)
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To: refermech
Take the crack away from the addict.

Actually the crack just became more expensive.

19 posted on 08/05/2011 6:07:11 PM PDT by justa-hairyape
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To: jimbo123

Don’t worry, the Rino trolls are on it. They defeated the hobbits and are on the move to fix everything with Dear Reader. What we need is more welfare and food stamps. /s/


20 posted on 08/05/2011 6:07:23 PM PDT by SaraJohnson
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