Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

After S&P downgrade, WH says 'we must do better'
Associated Press ^ | Mark S. Smith

Posted on 08/06/2011 2:42:35 PM PDT by Justaham

WASHINGTON (AP) - President Barack Obama sought to distance himself Saturday from the bad news of the nation's first-ever credit-rating downgrade, but lawmakers and presidential candidates showed no such reticence—trading salvos over who's at fault and why. The president, spending the weekend at Camp David, left it to press secretary Jay Carney to say it's clear Washington "must do better" in tackling soaring deficits and other economic woes.

A statement from Carney said talks that produced Tuesday's $2 trillion compromise on raising the U.S. borrowing limit had been too drawn-out and "divisive."

But the statement didn't directly address Friday's move by Standard & Poor's to drop U.S. government debt from AAA to AA+, the next level down.

While telegraphed by S&P last month, the downgrade still delivered a potentially serious blow to the nation's struggling recovery—raising the prospect of higher interest rates and fresh falls in stocks after the big selloff of the last two weeks.

S&P told investors the deficit accord "falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics."

However, administration officials sharply disputed S&P's judgment and challenged its numbers, saying the deal's deficit-cutting value had been drastically understated. They charged the company's analysis was rushed and faulty.

But S&P stood by its finding. In a conference call with reporters on Saturday, S&P officials said the company's carefully reasoned conclusion is that political gridlock in Washington has made the nation increasingly unable to control its debt.

House Speaker John Boehner, R-Ohio, asserted the downgrade "is the latest consequence of the out-of-control spending that has taken place in Washington for decades."

(Excerpt) Read more at breitbart.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: aa; aaa; aaplus; cutcapbalance; debt; debtceiling; debtlimit; downgrade; economy; geithner; heybigspender; rating; sp; standardpoors; treasury; triplea

1 posted on 08/06/2011 2:42:37 PM PDT by Justaham
[ Post Reply | Private Reply | View Replies]

To: Justaham

And we CAN do better.
“Yes, we can”
(in 2012)


2 posted on 08/06/2011 2:46:03 PM PDT by Zarro (Jail Congress)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Justaham


3 posted on 08/06/2011 2:46:23 PM PDT by Iron Munro (The more effeminate & debauched the people, the more they are fitted for a tyrannical government.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Justaham

Obama should resign.


4 posted on 08/06/2011 2:47:33 PM PDT by FreeAtlanta (Fight for Liberty)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Justaham


5 posted on 08/06/2011 2:47:51 PM PDT by Iron Munro (The more effeminate & debauched the people, the more they are fitted for a tyrannical government.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Justaham
After S&P downgrade, WH says 'we must do better' ...

... and I can think of one easy way to get started!


6 posted on 08/06/2011 2:49:51 PM PDT by Zakeet (If it ain't broke, the Wee Wee will fix it until it is)
[ Post Reply | Private Reply | To 1 | View Replies]

To: All

Ummm....Precedent Erkel Mugabe “we” is doing our part. You an your merry band of polidiots an presstitutes an union handlers are the problem......

And I want your sorry slacker gundecking shitbird ass out of office now....impeached yesterday wouldn’t be soon enough you goat abuser.


7 posted on 08/06/2011 2:51:52 PM PDT by Squantos (Be polite. Be professional. But have a plan to kill everyone you meet)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Justaham
Nothing is ever his fault.

It's always our fault.

Addicts always think everything is somebody else's fault.

8 posted on 08/06/2011 2:54:29 PM PDT by E. Pluribus Unum (Palin is coming, and the Tea Party is coming with her.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Justaham

Well I just really hope that this doesn’t mess up his Martha’s Vineyard vacation~! (sarc off)


9 posted on 08/06/2011 2:56:52 PM PDT by Jimmy Valentine (DemocRATS - when they speak, they lie; when they are silent, they are stealing the American Dream)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Justaham
Barry sez, with his pouty little lip...

"I'm gonna tell my momma on you!"

10 posted on 08/06/2011 2:57:24 PM PDT by moovova
[ Post Reply | Private Reply | To 1 | View Replies]

To: Justaham

What do you mean WE kemo sabe?

11 posted on 08/06/2011 2:57:58 PM PDT by Brandonmark (2012: Our Hope IS Change!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Justaham

Boehner & the house republicans own this downgrade and all the fallout. They could have forced a balanced budget and preserved our credit rating without a single democrat vote or obama’s approval.


12 posted on 08/06/2011 3:00:18 PM PDT by Zeddicus
[ Post Reply | Private Reply | To 1 | View Replies]

To: Justaham

What’s this “we” cr p?


13 posted on 08/06/2011 3:02:24 PM PDT by TNoldman (AN AMERICAN FOR A MUSLIM/BHO FREE AMERICA.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: TNoldman

from wikipedia:

A nosism is the use of ‘we’ to refer to oneself.[1]
Main article: Majestic plural

A common example is the royal we (Pluralis Majestatis), which is a nosism employed by a person of high office, such as a monarch, earl or pope. It is also used in certain formal contexts by bishops and university rectors. The expression was first used in 1169 when English King Henry II (d. 1189), hard pressed by his barons over the investiture controversy, assumed the common theory of “divine right of kings,” that the monarch acted conjointly with the deity. Hence, he used “we” as “God and I...,” or so the legend goes. (See Rolls Series, 2.12)


14 posted on 08/06/2011 3:15:36 PM PDT by ransomnote
[ Post Reply | Private Reply | To 13 | View Replies]

To: Justaham

WE can do better.

The current occupant of the Oval Office cannot.

He will not do the very things that could unleash America and restore our productive capability.

End the “Patient Protection and Affordable Care Act”. It neither protects patients, nor provides affordable care.

Curb EPA and its back-door efforts to apply carbon-dioxide emission limits. This administrative regulation of a substance vital to life, is both overly expensive, and cannot possibly change any climate patterns anywhere.

Open up, REALLY open up, widespread extraction of coal, petroleum and natural gas, and convert much greater amounts to useful energy, goods and services. This would assist greatly in ending the chronic underemployment in this country. Also our balance of trade, because we could then become a net EXPORTER of energy.

End special tax considerations for industry, and reduce the corporate tax rate for corporations to 20%. Either reduce the capital gains rate to 15% or less, or abolish it altogether for assets held for two years or longer.

But as noted earlier, this figurehead would never adopt any of these policies, as he is incapable of considering them seriously.

Apparently he fears that somebody, somewhere, will make “too much” money, and it may even be a person he does not like.


15 posted on 08/06/2011 3:24:07 PM PDT by alloysteel (Are Democrats truly "better angels"? They are lousy stewards for America.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Zeddicus
well aren't you the genius!!!!

now move over to DU and clean up your attitude.

time your leader grows and takes owner ship,,,this is a History First and he like to claim ‘first’.

Republicans have just had the House since Jan. 2011 and you can't win with the Senate in Harry's control.

16 posted on 08/06/2011 3:25:01 PM PDT by haircutter
[ Post Reply | Private Reply | To 12 | View Replies]

To: Justaham

Move up the election.


17 posted on 08/06/2011 3:25:44 PM PDT by depressed in 06 (I'll follow an eloquent Allen West out of hell.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Iron Munro; All
So true.

The House, under Boehner, passed a plan with bipartisan support that would have averted this downgrade & put us on the right path: "Cut, Cap & Balance" (HR 2560).

What did Obama & the obstructionist Senate say?

Harry Reid: "Over, Done, Dead"

White House: "Duck, Dodge and Dismantle."

18 posted on 08/06/2011 3:27:34 PM PDT by newzjunkey (the circular firing squad has got to end now)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Zeddicus; All
If you think doing nothing and going into a technical default would've preserved the credit rating and balanced anything, you're absolutely hopeless. It would've sparked civil unrest on a scale like this nation hasn't seen in decades, if ever.

The House, under Boehner, passed a plan with bipartisan support that would have averted this downgrade, included $4T in cuts, & put us on the right path: "Cut, Cap & Balance" (HR 2560).

What did Obama & the obstructionist Senate say?

Harry Reid: "Over, Done, Dead"

White House: "Duck, Dodge and Dismantle."

REID owns this. OBAMA owns this.

STOP BLAMING HOUSE REPUBLICANS.

19 posted on 08/06/2011 3:36:42 PM PDT by newzjunkey (the circular firing squad has got to end now)
[ Post Reply | Private Reply | To 12 | View Replies]

To: depressed in 06

Truly inspiring words...Odingo is a sage.


20 posted on 08/06/2011 3:38:21 PM PDT by DAC21
[ Post Reply | Private Reply | To 17 | View Replies]

To: Zeddicus
“Boehner & the house republicans own this downgrade and all the fallout”

It's a miracle!......he has awaken from his 10 year comma!

21 posted on 08/06/2011 3:41:52 PM PDT by DAC21
[ Post Reply | Private Reply | To 12 | View Replies]

To: newzjunkey

That is the way I saw it.


22 posted on 08/06/2011 4:11:44 PM PDT by Lumper20
[ Post Reply | Private Reply | To 19 | View Replies]

To: newzjunkey
Exactly.

Repeat it over and over and over:

"The House passed a plan with bipartisan support that would have averted this downgrade & put us on the right path: "Cut, Cap & Balance" (HR 2560)."

"The House passed a plan with bipartisan support that would have averted this downgrade & put us on the right path: "Cut, Cap & Balance" (HR 2560)."

Repeat over and over, with passion, until they wake up from their blind and dumb stupor.

23 posted on 08/06/2011 4:22:19 PM PDT by cookcounty (Nullius in Verba. "Take no man's word for it.")
[ Post Reply | Private Reply | To 18 | View Replies]

To: E. Pluribus Unum
Addicts always think everything is somebody else's fault.

It is called DENIAL.
24 posted on 08/06/2011 4:37:00 PM PDT by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
[ Post Reply | Private Reply | To 8 | View Replies]

To: Justaham

“We must do better”.......DUH


25 posted on 08/06/2011 5:09:57 PM PDT by blueyon (The U. S. Constitution - read it and weep)
[ Post Reply | Private Reply | To 1 | View Replies]

The Freepathon is still on. Please donate today.
Don't let FR fade away! Donate.

26 posted on 08/06/2011 5:32:15 PM PDT by RedMDer (Abolish FReepathons. Be a monthly donor.)
[ Post Reply | Private Reply | View Replies]

To: Zeddicus
>>Boehner & the house republicans own this downgrade and all the fallout<<

Americans were being told we would face a possible downgrade in our credit if we DID NOT pass the debt deal.

We were told no tax hikes were involved and that the Tea Party won.

We've been hoodwinked again. We've been downgraded regardless of the debt deal.

Now that the debt deal has been signed, sealed and delivered, we now here O-bozo and the dems touting victory and that taxes WILL have to be part of the deal.

Fiscal conservatives have been locked out of the negotiations.

Folks, ya gotta open your eyes and see what is happening here.

The republican party has been highjacked by a few powerful elites that are hell bent on keeping the status quo up in Washington.

On the talking head news programs, they spout out everything you the American citizen want to hear, but when it really counts, they cast their votes to keep things in D.C. just as they've been for decades.

Change the way you are thinking. The majority of the republican party are NOT our allies.

27 posted on 08/06/2011 6:15:28 PM PDT by servantboy777
[ Post Reply | Private Reply | To 12 | View Replies]

To: Zeddicus
They could have forced a balanced budget and preserved our credit rating without a single democrat vote or obama’s approval.

No one else knows how to do this.

Please provide more detail.

Step by step instructions would be helpful.


28 posted on 08/06/2011 9:15:55 PM PDT by Iron Munro (The more effeminate & debauched the people, the more they are fitted for a tyrannical government.)
[ Post Reply | Private Reply | To 12 | View Replies]

To: Iron Munro

Oh come on, we’ve been talking about this for months

Here’s the step by step instructions:

Step 1: refuse to authorize an increase to the debt ceiling.

That’s it. Balanced budget in one step. House Republicans could have done this all by themselves and Obama and the Democrats couldn’t have done a damn thing about it.

And I reject the BS argument that not adding more debt equals “default”. The government takes in plenty of revenue to cover payments on current public debt obligations.


29 posted on 08/07/2011 2:33:15 AM PDT by Zeddicus
[ Post Reply | Private Reply | To 28 | View Replies]

To: Zeddicus
Step 1: refuse to authorize an increase to the debt ceiling. That’s it. Balanced budget in one step.

That would be a nice trick but we all know the media and the democrats would slaughter Repubbies and Conservatives. Look what they are doing on just this measly make-believe spending cut that did pass.

They have the public believing that Obama is the Great Conciliator and that the Tea Party is responsible for the credit downgrade.

Sad but true.

It is going to take a direct hit on Washington, DC or a run on the banks and supermarkets to bring democrats and their media rumpswabs to admit that we are in serious trouble.


30 posted on 08/07/2011 7:23:25 AM PDT by Iron Munro (The more effeminate & debauched the people, the more they are fitted for a tyrannical government.)
[ Post Reply | Private Reply | To 29 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson