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Keyword: obamadowngrade

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  • Sen. Tom Coburn: 'No doubt' US credit rating will be downgraded again

    05/24/2012 2:34:20 PM PDT · by SeekAndFind · 3 replies
    The Hill ^ | 05/23/2012 | Geneva Sands
    Sen. Tom Coburn (R-Okla.), a staunch fiscal conservative and Tea Party favorite, said he is certain that the United States will face another credit downgrade. "S&P's downgrade on us was right, matter of fact we're going to get another downgrade. I can tell you right now, you can have a great legal case for suing the rating agencies for not downgrading us again because we have not demonstrated the political will to solve the problems," said Coburn on CBS's midweek show "Face to Face," posted online Wednesday. The Oklahoma senator told CBS that he has "no doubt" that there will...
  • Justice Dept. Investigating S.&P. Over Mortgages (Payback Time)

    08/17/2011 7:15:40 PM PDT · by tobyhill · 22 replies
    ny times ^ | 8/17/2011 | Louise Story
    The Justice Department is investigating whether the nation’s largest credit ratings agency, Standard & Poor’s, improperly rated dozens of mortgage securities in the years leading up to the financial crisis, according to two people interviewed by the government and another briefed on such interviews. The investigation began before Standard & Poor’s cut the United States’ AAA credit rating this month, but it is likely to add fuel to the political firestorm that has surrounded that action. Lawmakers and some administration officials have since questioned the agency’s secretive process, its credibility and the competence of its analysts, claiming to have found...
  • Together We Can Beat the Deficit [By PATTY MURRAY, MAX BAUCUS AND JOHN KERRY...........]

    08/17/2011 2:46:47 PM PDT · by Sub-Driver · 61 replies
    Together We Can Beat the Deficit We did it in the 1990s and we can do it again today. By PATTY MURRAY, MAX BAUCUS AND JOHN KERRY Our country has long been a beacon of light in the world because the American people always come together when times are tough. Over the past few months, in debating the debt ceiling and deficit reduction, that light of common cause has appeared to flicker at times in our nation's capital. As appointees to the Joint Select Committee on Deficit Reduction—12 members of Congress charged with finding $1.5 trillion in deficit reduction over...
  • Obama, on tour, declares he has a jobs plan (Where has it been hiding for 3 years?)

    08/16/2011 4:50:15 AM PDT · by tobyhill · 27 replies
    LA Times ^ | 8/15/2011 | James Oliphant
    Reporting from Decorah, Iowa— In the clearest expression yet of his 2012 reelection strategy, President Obama said he would send a jobs package to Congress next month, ask lawmakers to pass it, and campaign against them if they refused. Obama made the declaration in a town-hall-style meeting in Iowa on Monday night. He is facing criticism for not advancing a bold strategy to bolster job growth and his reelection prospects. "I'll be putting forward a very specific plan to boost the economy, to create jobs and to control the deficit," Obama said on the first day of his three-day Midwest...
  • Moodys lowers US economic outlook through 2012

    08/15/2011 8:41:44 PM PDT · by george76 · 22 replies
    AP ^ | August 15, 2011
    Moody's Analytics on Monday lowered its outlook for growth in the U.S. economy this year and next, saying it sees "significantly weaker" prospects for the economy than just a month ago as the country struggles to avoid another recession. The report ...cites the recent political wrangling over the U.S. debt ceiling and the revived debt crisis in Europe as leading factors in the bleaker economic picture. "The odds of a renewed recession over the next 12 months, already one in three, will increase if stock prices continue to fall
  • Rick Perry enters presidential race with Obama broadside

    08/13/2011 12:19:23 PM PDT · by Cincinatus' Wife · 124 replies
    CBS News ^ | August 13, 2011 | Brian Montopoli, Phil Hirschkorn
    CHARLESTON, S.C. and AMES, Iowa -- Texas Governor Rick Perry announced his bid for the 2012 Republican nomination here Saturday with a speech grounded in attacks on President Obama for "downgrading" America. "I declare to you today as a candidate for President of the United States," Perry told a friendly crowd in South Carolina, host to the nation's third presidential primary. ... As Perry pointed out in his speech, 40 percent of the nation's new jobs since June 2009 have been created in Texas. "It's time to get America working again," Perry said, arguing that "Recovery is a meaningless word...
  • Several Democrats wasting no time abusing their super committee appointments

    08/11/2011 8:47:49 PM PDT · by Nachum · 17 replies
    Daily Caller ^ | 8/11/11 | Amanda Carey
    Some Democratic members of the Joint Select Committee on Deficit Reduction, tasked with identifying $1.5 trillion in spending cuts, have become the subject of criticism, but their appointments were only finalized Thursday. Sen. Patty Murray of Washington, and Reps. James Clyburn of South Carolina and Xavier Becerra of California are already being targeted for circumstances that could compromise their abilities to negotiate. Becerra, for example, wasted no time before using his appointment as a fundraising tool for his own campaign.
  • (D-CA) Becerra fundraiser touts super committee nod

    08/12/2011 2:07:39 AM PDT · by markomalley · 2 replies
    POLITICO ^ | 8/11/11 | ANNA PALMER
    Rep. Xavier Becerra — or, to be more precise, lobbyists working on his behalf — wasted no time Thursday capitalizing on the California congressman’s appointment to the congressional super committee. A little over two hours after Becerra was named to the powerful panel, Investment Company Institute’s Jim Hart sent out an email encouraging attendance for the trade group’s upcoming $1,500 per person fundraiser based on Becerra’s new found status as one of the elite 12. “We will host an event for Congressman Xavier Becerra, not only Vice Chairman of the Democratic Caucus but also who has just been named to...
  • FACTBOX-Top campaign donors to U.S. super committee members

    08/11/2011 10:52:27 PM PDT · by Fred · 6 replies
    Reuters ^ | 081111 | Reuters
    WASHINGTON, Aug 11 (Reuters) - Here is a look at some of the top donors to election campaigns for the 12 members of the U.S. Congress named to a deficit-fighting "super committee." Known as the Joint Select Committee on Deficit Reduction, the panel is expected to be the most heavily lobbied body in Washington ahead of its Nov. 23 deadline for making recommendations on $1.5 trillion in additional budget savings. Unless specified, donations below combine members' campaign committees and leadership PACs (political action committees). Data is from www.opensecrets.org. SENATE DEMOCRATS Patty Murray of Washington state * Software giant Microsoft Corp...
  • Art Laffer: Obama Must Use Reaganomics to Save Economy ('It's not magic sauce, it's common sense')

    08/10/2011 5:40:26 PM PDT · by SeekAndFind · 30 replies
    Newsmax ^ | 08/10/2011 | Martin Gould and Kathleen Walter
    The only way President Barack Obama can solve the nation’s economic woes is to adopt “common-sense” Reaganomics, the policy’s architect Arthur Laffer claims in an exclusive Newsmax.TV interview. Laffer said the White House called him in the spring and asked him to speak to Obama’s former Council of Economic Advisors’ chairman Austen Goolsbee – and he had told him exactly the same thing. “Reaganomics would fix any economy that’s in the doldrums,” Laffer said. “It’s not a magic sauce, it’s common sense. “You’ve got to get rid of all federal taxes in the extreme and replace them with a low-rate...
  • Dem official: Murray to be debt panel co-chair

    08/09/2011 6:50:04 PM PDT · by Free ThinkerNY · 39 replies · 1+ views
    Associated Press ^ | August 8, 2011 | ANDREW TAYLOR
    WASHINGTON (AP) -- Senate Majority Leader Harry Reid announced Tuesday he's naming Sen. Patty Murray to co-chair a powerful "super committee" charged with finding more than $1 trillion in deficit cuts this fall. Murray will be joined by Sens. John Kerry, D-Mass., and Max Baucus, D-Mont., on the panel, which was established last week by hard-fought legislation to increase the national debt.
  • Spending Is Just Our Second-Biggest Problem

    08/09/2011 9:42:56 AM PDT · by Kaslin · 11 replies
    Townhall.com ^ | August 9, 2011 | David Limbaugh
    Being a disciple of Saul Alinsky might not be so easy as it would appear. President Obama and his minions obviously can't decide whom to scapegoat for the nation's credit downgrade and our financial crisis. One thing is for sure: It's not in Barack Obama to accept personal responsibility for the consequences of his actions and policies. He still won't own this economy and the exploding spending spiral, reminding us at every turn that our problems are a result of what he "inherited" from President Bush. Instead of seeking to soothe the nation on word of the downgrade by Standard...
  • Ron and Rand Paul say downgrade is fault of Washington, not Tea Party

    08/08/2011 7:02:27 PM PDT · by dragnet2 · 75 replies
    CBS ^ | Lucy Madison
    Rep. Ron Paul, R-Tex., and his son, Sen. Rand Paul, R-Ky., both blasted Tea Party critics on Monday for suggesting that the conservative movement with which they're both linked may have had something to do with America's recent credit downgrade by the ratings agency Standard & Poor's. The elder Paul, a longtime lawmaker, staunch libertarian, and presidential candidate, decried the allegations as an "attempt to scapegoat" Tea Party lawmakers. He pinned the downgrade on the Washington establishment. "This attempt to scapegoat folks who recognize that our debt is out of control and that we must change course should not be...
  • The most powerful man on Earth? (Libs unloading on Barry)

    08/08/2011 6:44:50 PM PDT · by milwguy · 24 replies · 1+ views
    wash post ^ | 08/08/2011 | dana milbank
    A familiar air of indecision preceded President Obama’s pep talk to the nation. The first draft of his schedule for Monday contained no plans to comment on the downgrading of the U.S. credit rating by Standard & Poor’s. Then the White House announced that he would speak at 1 p.m. A second update changed that to 1:30. At 1:52, Obama walked into the State Dining Room to read his statement. Judging from the market reaction, he should have stuck with his original instinct. “No matter what some agency may say, we’ve always been and always will be a AAA country,”...
  • Sarah Palin: Conquering the Storm

    08/08/2011 4:20:47 PM PDT · by Lou Budvis · 154 replies
    Facebook ^ | 8/8/11 | Sarah Palin
    In the coming days we’ll sort through the repercussions of S&P’s downgrade of our credit rating, including concerns about the impact a potential interest rate increase would have on our ability to service our suffocating $14.5 trillion debt. I’m surprised that so many people seem surprised by S&P’s decision. Weren’t people paying attention over the last year or so when we were getting warning after warning from various credit rating agencies that this was coming? I’ve been writing and speaking about it myself for quite some time.
  • Those Colossal, Recklessly Irresponsible $2 Trillion Errors

    08/08/2011 5:31:50 PM PDT · by Qbert · 7 replies
    National Review ^ | August 8, 2011 | Andrew C. McCarthy
    It’s laugh-out-loud funny to hear the Obama administration’s all out assault on S&P’s math skills. According to the administration, if the downgrade in America’s credit rating is not the fault of the Tea Party (apparently for demanding the very spending cuts the political class’s refusal to make prompted the downgrade), it must be due to what the administration calls S&P’s “colossal” $2 trillion error — indicative, Treasury’s Turbo Tim Geithner told NBC News, of the rating agency’s “stunning lack of knowledge about basic U.S. fiscal budget math.” It couldn’t possibly be President Obama’s outer-worldly spending spree, right? It couldn’t possibly...
  • White House: Downgrade Doesn’t Matter, Unless It’s The Tea Party’s Fault

    08/08/2011 2:45:22 PM PDT · by NoLibZone · 18 replies
    Fox News ^ | August 8 2011 | By Chris Stirewalt
    Power Play White House: Downgrade Doesn’t Matter, Unless It’s The Tea Party’s Fault By Chris Stirewalt Published August 08, 2011 | FoxNews.com * Print * Email * Share * Comments * * * * Text Size Team Obama Downplays Downgrade, But Blames Tea Party Too “Look at the history of this – the fact of the matter is that this is essentially a Tea Party downgrade. The Tea Party brought us to the brink of a default.” -- David Axelrod, top political consultant to President Obama, in an appearance on “Face the Nation.” The decision by Standard and Poor’s to...
  • Freddie Mac reports 2Q loss, asks gov't for $1.5B

    08/08/2011 2:46:09 PM PDT · by Justaham · 14 replies
    WASHINGTON (AP) - Government-controlled Freddie Mac is asking for $1.5 billion in additional federal aid after posting a loss this spring. The mortgage giant says it lost $4.69 billion, or $1.44 cents per share, in April-June quarter. That takes into account $1.6 billion in dividends paid to the Treasury Department. It compares with a loss of $6 billion, or $1.85 per share, during the same quarter in 2010. The government rescued McLean, Va.-based Freddie Mac and sibling company Fannie Mae in September 2008 after massive losses on risky mortgages threatened to topple them. Standard & Poor's cited the link to...
  • Mystery surrounds details of S&P downgrade [ CNN rejects Axelrods & Kerrys TP blame ]

    08/08/2011 1:00:42 PM PDT · by NoLibZone · 23 replies
    money.cnn.com ^ | August 8 2011 | By Jennifer Liberto
    WASHINGTON (CNNMoney) -- Little is known about key details that led Standard & Poor's to downgrade U.S. debt late Friday, despite its outsized repurcussions. While the move knocking U.S. debt down a notch from the lofty AAA rating has exacerbated an already skittish stock market and drawn criticism from the White House, key details are a mystery. S&P doesn't say who, exactly, made the decision at the company; what kind of weight they gave U.S. politics versus ability to pay; or to what extent they felt pressured to downgrade the United States in response to criticism of its downgrades of...
  • President Obama talks S&P downgrade — finally

    08/08/2011 1:45:32 PM PDT · by NoLibZone · 9 replies
    Washington Post ^ | Aug 8 2011 | By Jena McGregor
    It was about time the president weighed in with a statement about the U.S. credit rating downgrade by Standard & Poor’s. And that’s not just because the reporters in the room were getting antsy after the president was 50 minutes late getting started. Rather, Obama’s press briefing Monday afternoon about the Standard & Poor’s downgrade came after a weekend in which the primary messaging strategy from the White House seemed to be excuses. Following a bizarre back and forth Friday evening in the news over whether the ratings agency got its math right—a “has it really come to this?” moment...
  • Nightmare on Wall Street; Dow takes 635-point tumble after S&P downgrades US credit

    08/08/2011 1:39:50 PM PDT · by NoLibZone · 32 replies
    msnbc.msn.com ^ | Aug 8 2011 | msnbc.msn.com
    Wall Street tumbled again Monday, with the Dow Jones industrial average dropping 635 points and chalking up its Worst day since November 2008, amid a rout in global stocks after rating agency S&P downgraded the U.S. credit rating for the first time. S&P cut the long-term debt rating for the U.S. by one notch to AA+ from AAA late Friday. The move wasn't unexpected, but it comes when investors are already feeling nervous about a weak U.S. economy, European debt problems and Japan's recovery from its March earthquake. The downgrade sparked a massive sell-off on stock markets around the world...
  • Dow Plunges 600, S&P and Nasdaq Sinks 6% [ -633 After Obama Speech ]

    08/08/2011 1:26:11 PM PDT · by NoLibZone · 26 replies
    CNBC ^ | 8-8-2011 | CNBC
    Stocks took a sharp nosedive in another choppy day Monday to finish at session lows as investors fled from risky assets following S&P's downgrade of U.S.'s credit rating last week in addition to ongoing economic jitters.
  • Tea Partiers Celebrating Credit Downgrade (Axelrod: It's "The Tea Party Downgrade") (Barf Alert)

    08/07/2011 9:18:06 PM PDT · by lbryce · 31 replies
    Gawker ^ | July 7, 2011 | Staff
    Obama adviser David Axelrod has started calling Standard & Poor's major diss of America's credit rating the "Tea Party downgrade," which certainly sounds like an insult against the Tea Party. Yet the Partiers themselves seem to be embracing Axelrod's wannabe-pejorative as a compliment. The above video, posted by the grassroots/progressive/not Scott Walker-supporting PAC We Are Wisconsin and elaborated upon by Mother Jones, was taken at an event hosted by the Tea Party Express in the town of Fond du Lac. The Tea Party's been riding its big glorious bus all over the Cheesehead State, trying to get people to vote...
  • Leaders scramble to head off 'black Monday' on markets

    08/07/2011 7:55:57 PM PDT · by bruinbirdman · 41 replies
    France 24 ^ | 8/7/2011 | AFP
    World leaders made emergency conference calls Sunday, seeking solutions to the US debt and eurozone crises ahead of a feared disastrous reopening of markets on Monday. In a possible bellwether, Israel's market fell seven percent. World leaders searched Sunday for answers to a global debt crisis, hoping to head off a massacre on markets spooked by an unprecedented US rating downgrade and Europe's swelling malaise. France and Germany called for full implementation of measures agreed at a eurozone summit in July to safeguard the single currency as markets braced for fresh turmoil this week. "President (Nicolas) Sarkozy and Chancellor (Angela)...
  • S&P's Beers: We Don't Have a Hit List(France next?)

    08/07/2011 7:41:05 PM PDT · by TigerLikesRooster · 5 replies
    CNBC ^ | 08/07/11 | Deepanshu Bagchee
    S&P's Beers: We Don't Have a Hit List Published: Sunday, 7 Aug 2011 | 8:58 PM ET By: Deepanshu Bagchee Supervising Digital Editor, CNBC Asia After Standard and Poor's historic downgrade of the U.S.'s credit rating to AA-plus from triple-A, fears are growing that other countries may be next, most notably France, which is facing big costs from a bailout of troubled Euro zone countries. But the global head of sovereign ratings at S&P says the agency does not have a target list and will downgrade ratings as and when it sees deteriorating economic performance or debt burdens. "We don't...
  • Kerry blames the tea party for credit downgrade (The same John Kerry that was in Vietnam)

    08/07/2011 6:33:28 PM PDT · by tobyhill · 52 replies
    washington times ^ | 8/7/2011 | By Ben Wolfgang
    Sen. John Kerry on Sunday laid the blame for the recent downgrade of the nation’s credit rating at the feet of conservative House Republicans. “I believe this is, without question, the tea party downgrade,” Mr. Kerry, Massachusetts Democrat, said on NBC’s “Meet the Press.” Standard & Poor’s rating agency on Friday dropped the U.S. credit rating from AAA to “AA+, questioning the ability of leaders in Washington to deal seriously with the nation’s debt crisis.
  • Geithner: S&P showed terrible judgment

    08/07/2011 6:57:45 PM PDT · by Justaham · 65 replies
    Associated Press ^ | 8-8-11 | MARTIN CRUTSINGER
    WASHINGTON – The credit rating agency Standard & Poor's showed "terrible judgment" in lowering the U.S. government's credit rating, Treasury Secretary Timothy Geithner said Sunday. "They've handled themselves very poorly. And they've shown a stunning lack of knowledge about the basic U.S. fiscal budget math," Geithner said in his first public comments about the credit rating decision. Interviewed on CNBC, Geither said that U.S. Treasury securities were just as safe now as they were before S&P announced its downgrade. He predicted that China and investors would remain strong purchasers of U.S. government debt. Republicans have blamed President Barack Obama for...
  • Obama absent as China scolds U.S. for debt addiction

    08/07/2011 6:09:41 PM PDT · by Qbert · 35 replies
    AP via CBC News ^ | Aug 6, 2011 | AP
    U.S. President Barack Obama remained largely silent as China, the largest foreign holder of U.S. debt, demanded Saturday that America confront its "addiction to debts" in the wake of Standard & Poor's decision to downgrade the U.S. credit rating. 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 US compromise on raising the country's borrowing limit had been too drawn-out and "divisive." But the statement didn't directly...
  • Video: Dems [John Kerry] New Spin: ‘The Tea Party Downgrade’

    08/07/2011 2:48:26 PM PDT · by Justaham · 47 replies
    Sen. John Kerry (D-MA) on NBC's "Meet the Press" and Obama campaign adviser David Axelrod on CBS' "Face the Nation" lead a new propaganda push against the Tea Party movement. First they were "astro-turf", then racist, then stupid, then violent, then dangerous, then terrorists, and now they're responsible for the S & P downgrade even though the Tea Party was pushing for the exact entitlement reforms that would have avoided the downgrade. It's obvious that the White House is fearful that the president will be blamed for the unprecedented downgrade of America's bond rating.
  • Rep. Ryan’s warning

    08/07/2011 12:14:05 PM PDT · by americanophile · 61 replies · 1+ views
    Boston Herald ^ | August 7, 2011 | Boston Herald Editorial Staff
    Standard & Poor’s downgrade of the nation’s credit rating gives House Budget Committee Chairman Paul Ryan every right to say “I told you so.” Even earlier this week when President Obama was taking his victory lap for the debt-ceiling compromise, Ryan was disclosing the cold, hard truths of the economic troubles that lie ahead — truths that a jittery Wall Street has been more than aware of. In an oped column in Wednesday’s Wall Street Journal, the Wisconsin Republican reiterated, of course, that the president really has no budget plan. “The president’s February budget,” he wrote, “deliberately dodged the tough...
  • Geithner to stay on as Treasury chief

    08/07/2011 12:08:36 PM PDT · by truthandlife · 84 replies
    Reuters ^ | 8/7/11
    Treasury Secretary Timothy Geithner has told President Barack Obama that he intends to stay on the job, Treasury said in a statement on Sunday afternoon. "Secretary Geithner has let the president know that he plans to stay on in his position at Treasury," Assistant Treasury Secretary Jenni LeCompte said. "He looks forward to the important work ahead on the challenges facing our great country." Geithner had indicated he might leave after a debt-limit increase was approved, but administration officials indicated that both Obama and the White House chief of staff had urged Geithner not to leave now.
  • Politicians points fingers over credit crisis (Axelrod blames Tea Party)

    08/07/2011 11:58:17 AM PDT · by Cincinatus' Wife · 26 replies
    Houston Chronicle ^ | August 7, 2011 | AP
    A top Obama adviser blames tea party for downgrade WASHINGTON — Who's to blame for the U.S. debt-ceiling mess? Politicians and political advisers took to the airwaves Sunday to point fingers, mostly at each other. David Axelrod, a top political adviser to President Barack Obama, blames the downgrade of the U.S. credit rating on tea party Republicans for being unwilling to compromise on how to reduce the federal debt. The Obama campaign strategist tells CBS' Face the Nation on Sunday that the decision by the Standard & Poor's credit agency to downgrade the U.S. from AAA to AA+ for the...
  • White House adviser blames tea party for downgrade (Axelrod)

    08/07/2011 10:08:27 AM PDT · by NormsRevenge · 153 replies
    Yahoo ^ | 8/7/11 | AP
    WASHINGTON (AP) — A top White House adviser is blaming the downgrade of the U.S. credit rating on tea party Republicans, whom he says were unwilling to compromise on how to reduce the federal debt. The adviser to President Barack Obama, David Axelrod, tells CBS' "Face the Nation" on Sunday .. ... .. also criticized GOP presidential candidates for not speaking up in favor of compromise.
  • Kerry Blames The Tea Party For Credit Downgrade

    08/07/2011 10:17:45 AM PDT · by Steelfish · 64 replies
    Washington Times ^ | August 07, 2011 | Ben Wolfgang
    Kerry Blames The Tea Party For Credit Downgrade By Ben Wolfgang-The Washington Times1 Sen. John Kerry on Sunday laid the blame for the recent downgrade of the nation’s credit rating at the feet of conservative House Republicans. “I believe this is, without question, the tea party downgrade,” Mr. Kerry, Massachusetts Democrat, said on NBC’s “Meet the Press.” Standard & Poor’s rating agency on Friday dropped the U.S. credit rating from AAA to “AA+, questioning the ability of leaders in Washington to deal seriously with the nation’s debt crisis. The Obama administration’s debt-ceiling proposal, which included more spending cuts than the...
  • China Tells U.S. It Must ‘Cure Its Addiction to Debt’ (China calls for "int'l supervision" of US)

    08/06/2011 3:44:07 PM PDT · by rabscuttle385 · 65 replies
    The New York Times ^ | 2011-08-06 | David Barboza
    SHANGHAI — China, the largest foreign holder of United States debt, said Saturday that Washington needed to “cure its addiction to debts” and “live within its means,” just hours after the rating agency Standard & Poor’s downgraded America’s long-term debt. The harshly worded commentary, which was released by China’s official Xinhua news agency, was Beijing’s latest effort to express its displeasure with Washington. (snip) “The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone,” read the...
  • U.S. AAA credit rating DOWNGRADED for first time in history after Obama's debt deal

    08/06/2011 7:57:29 AM PDT · by KeyLargo · 68 replies · 1+ views
    Daily Mail UK ^ | Aug 6, 2011
    U.S. AAA credit rating DOWNGRADED for first time in history after Obama's debt deal Unprecedented move will send shockwaves globally S&P cuts long-term credit rating from AAA to AA+ Borrowing costs for consumers and government to rise Comes after Obama signed bill to reduce fiscal deficit By Daily Mail Reporter Last updated at 1:08 PM on 6th August 2011 The U.S. has lost its top-notch AAA credit rating from Standard & Poor's in an unprecedented reversal of fortune for the world's largest economy. S&P cut the long-term U.S. credit rating by one notch to AA+ on concerns about the government's...