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 ...
It's a miracle!......he has awaken from his 10 year comma!
That is the way I saw it.
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.
“We must do better”.......DUH
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.
No one else knows how to do this.
Please provide more detail.
Step by step instructions would be helpful.
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.
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.
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