Posted on 08/05/2011 2:36:33 PM PDT by Bigtigermike
A government official tells ABC News that the federal government is expecting and preparing for bond rating agency Standard & Poor’s to downgrade the rating of US debt from its current AAA value.
Officials reasons given will be the political confusion surrounding the process of raising the debt ceiling, and lack of confidence that the political system will be able to agree to more deficit reduction.
(Excerpt) Read more at blogs.abcnews.com ...
Would Obama leak this knowing it wasn’t going to happen and then take credit for it?
This means that S&P has already made the decision to downgrade, and give the WH the heads-up..and now the WH is leaking it and trying to spin it..possibly to convince other ratings firms from not following suit..
When this happens, a 500 point drop in the market will seem like “the good old days”.
More the latter than the former.
“Official reasons” = White House spin. The process of raising the debt ceiling has nothing to do with Obama’s horrific economy.
CNN reporting the same downgrade preview. The administration waited to leak the news until the markets closed and folks went away for the weekend thinking the economy is doing better with the phony unemployment dip.
So that big main event between the Tea Party Hobbits and the DNC Oompa Loompas was all for nothing? Whodda thunk? Help save America! Vote the buffoons out of D.C.
This means that S&P has already made the decision to downgrade,
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yep. and it’s not a last minute decision.
i’ll wager Obama’s known for weeks.
AND i’ll wager that McConnell and Boehner knew it,
before they passed that huge 9 trillion increase in spending.
It’s because we haven’t spent enough. Somebody get John Kerry on the phone.
The debt is too high and its you right-wingers fault for making Obama spend all that money we don't have. Dang TEA Partiers fault we have such a huge deficit.
And the MSM will sell this to a sheepled masses.
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.
Their reason is...............THE TEA PARTY!!!!!!
I think Moody’s is going to do it too
I thought Clinton ended “welfare as we know it”. I guess he didn’t mean what we thought he meant. Maybe Bill egO will ask Dick Morris, from dickmorris.com, about it.
“We are witnessing the collapse of the welfare state.”
Which is EXACTLY what the Obama’s Pals like Bill Ayres and Wade Rathke, (you know, just guys from the hood) and Berkeley Radical Socialists have been trying to do, FOR DECADES, so they can rebuild the US in to the Socialist Utopia of thier dreams.
George Wiley (founder of the NWRO, later ACORN), would be proud of Obama.
I really wish more people knew the history of the people running America today.
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