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Author Topic: S&P downgrades U.S. credit rating. First drop in U.S. history  (Read 502 times)

Offline NovaSkegee

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S&P downgrades U.S. credit rating. First drop in U.S. history
« on: August 05, 2011, 10:26:52 PM »
S&P downgrades U.S. credit rating
First drop in U.S. history; agency says debt plan not enough


By MARTIN CRUTSINGER
The Associated Press

WASHINGTON — Credit rating agency Standard & Poor's on Friday downgraded the United States' credit rating for the first time in the history of the ratings.

The credit rating agency said that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.

A source familiar with the discussions said that the Obama administration feels the S&P's analysis contained "deep and fundamental flaws."

S&P said that in addition to the downgrade, it is issuing a negative outlook, meaning that there was a chance it will lower the rating further within the next two years. It said such a downgrade to AA would occur if the agency sees less reductions in spending than Congress and the administration have agreed to make, higher interest rates or new fiscal pressures during this period.

S&P first put the government on notice in April that a downgrade was possible unless Congress and the administration came up with a credible long-term deficit reduction plan and avoided a default on the country's debt.

After months of wrangling and negotiations with the administration, Congress passed this week a debt reduction package at the 11th-hour that averted a possible default.

In its statement, S&P said that it had changed its view "of the difficulties of bridging the gulf between the political parties" over a credible deficit reduction plan.

S&P said it was now "pessimistic about the capacity of Congress and the administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics anytime soon."


Offline Capler

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Re: S&P downgrades U.S. credit rating. First drop in U.S. history
« Reply #1 on: August 05, 2011, 11:38:55 PM »
I hate this happened on Obama's watch. Regardless of the reasons it will become apart of his legacy.

Offline Bison 4 Life

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Re: S&P downgrades U.S. credit rating. First drop in U.S. history
« Reply #2 on: August 05, 2011, 11:44:35 PM »
S&P comes with alot of baggage.

Offline Cats4ever

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Re: S&P downgrades U.S. credit rating. First drop in U.S. history
« Reply #3 on: August 06, 2011, 12:16:27 AM »
Like it or not, taxes will go up. We have been fighting two wars without a tax increase and some fools want to reduce taxes. ::)
Your treatment of others give them control of your soul
Matthew 5:25-26

Offline Blackcaesar2k5

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Re: S&P downgrades U.S. credit rating. First drop in U.S. history
« Reply #4 on: August 06, 2011, 02:12:02 AM »
Republicans and teabaggers basically in fantasy island..  You got spend your way out of recession by taxing the wealthy and investing in the future of this great nation of ours!!!

Cap: Obama should have been  more aggressive dealing with idiots that currently running the House of Representatives.. He should had fought harder for tax increases, spending and demand congress pass jobs bill imediately..
« Last Edit: August 07, 2011, 03:27:02 AM by Blackcaesar2k5 »

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Re: S&P downgrades U.S. credit rating. First drop in U.S. history
« Reply #5 on: August 06, 2011, 06:59:26 PM »
Planned and strategically timed. US has been borrowing from China for years, in the 1980's Japan basically financed the US. It is all political. The statement is as follows:  We turned the country over to the Bl..President, and he ruined our credit. This plays into stereotypes and misnomers. It is designed to make him look like he does not know how to handle money. This is a long standing stereotype about African Americans and the handling of money. It makes those with issues think ummm, "We never had this problem before." It is like the old Transformers theme song. "Transformers, there's more than what meets the eyes." :)

Offline iceman4221

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Re: S&P downgrades U.S. credit rating. First drop in U.S. history
« Reply #6 on: August 07, 2011, 11:31:08 AM »
Planned and strategically timed. US has been borrowing from China for years, in the 1980's Japan basically financed the US. It is all political. The statement is as follows:  We turned the country over to the Bl..President, and he ruined our credit. This plays into stereotypes and misnomers. It is designed to make him look like he does not know how to handle money. This is a long standing stereotype about African Americans and the handling of money. It makes those with issues think ummm, "We never had this problem before." It is like the old Transformers theme song. "Transformers, there's more than what meets the eyes." :)

I concur!!!
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