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United States loses its AAA Credit rating from S & P

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They are also saying that SP's math may have been off. Breaking News... :2razz:
 
SheWolf said:
So they basically gave our government too much credit, and thought they were capable of solving the debt ceiling crisis in a timely, professional manner. This is embarrassing. I hope the government gets their act together as a result of this.



Nothing says our government is broken like this...

I don't even know what to say... :(

It's just going to be an interesting Monday to see the pundits try to spin it, and they probably will try.
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Americans should sell off their S&P stocks and send a message to them of what we think about this downgrade.
 
Thunder said:
the debt-crisis was totally created by the GOP and the Tea-Baggers.

without their games, the crisis would not have happened and we would still be AAA.
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They aren't helpful... but if you really believe that the global debt crisis is happening because of some RW nutjobs in congress, then you may also be suffering from a hyperpartisan-delusion-disorder.
 
The Giant Noodle said:
So this that why you didnt say anything useful?
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Try this. Raising the taxes on the rich as you mention in the silly post would not have changed anything. Remember if you want to talk about eliminating the Busg tax cuts that is already in the numbers being used in 2013. In order to stave off S&P they said we had to have a plan that showed about $4 trillion. The agreement is for about @2.1 -2.5 trillion. So raising taxes by $70 billion this year would not have made a difference.

So my useful ( perhaps) comment would be to say your post was beyond nonsense. Either you no nothing on the subject, or you do but tell untruths because it is fun and on the internet free to say silly things.
 
As long as the right wing extremists and the Tea Party continue to hijack the political process, this country will be a joke. Great ideas you stupid Republicans.

Let's not spend any money to fix anything. Let's destroy the government that we're now working for. Let's fire teachers, police and fire for the sake of giving the wealthy a few extra bucks. Let's cut the individual income taxes of the wealthy (went down from 32 % in 1990 to 16 % in 2011). :roll:

Let us watch the roads crumble because we laid off everyone in Public Works. So glad we're spending no money to fix things or stimulate the economy in this country, but the stupid Republicans had no problems spending billions to fight a war in Iraq against a country that had nothing to do with 9/11. The Republicans have disgraced this country and they should all be impeached and go to prison.
 
Thunder said:
S&P doesn't care if the debt problem is solved with higher taxes. they just want it dealt with.

and don't think for a moment that the American people is gonna forget the games the GOP has played this week.

this is gonna bite the GOP in the ass and Obama will be re-elected.

Obama wanted a $4 trillion plan that cut spending and raised revenue and the GOP said "NO". The American people will remember.
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A gnat has a longer term memory than the American public.
 
Thunder said:
S&P doesn't care if the debt problem is solved with higher taxes. they just want it dealt with.

and don't think for a moment that the American people is gonna forget the games the GOP has played this week.

this is gonna bite the GOP in the ass and Obama will be re-elected.

Obama wanted a $4 trillion plan that cut spending and raised revenue and the GOP said "NO". The American people will remember.
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The first time America has lost its AAA credit rating, and another first for the Obama administration. Keep working on that legacy.
 
Private Hudson said:
As long as the right wing extremists and the Tea Party continue to hijack the political process, this country will be a joke. Great ideas you stupid Republicans.
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Cool. Let's burn it to the ground then.

Private Hudson said:
Let's not spend any money to fix anything. Let's destroy the government that we're now working for. Let's fire teachers, police and fire for the sake of giving the wealthy a few extra bucks. Let's cut the individual income taxes of the wealthy (went down from 32 % in 1990 to 16 % in 2011). :roll:
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Exactly. Horses will be the new transportation!

Private Hudson said:
Let us watch the roads crumble because we laid off everyone in Public Works. So glad we're spending no money to fix things or stimulate the economy in this country, but the stupid Republicans had no problems spending billions to fight a war in Iraq against a country that had nothing to do with 9/11. The Republicans have disgraced this country and they should all be impeached and go to prison.
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:lamo

You forgot to mention all Republicans are the devil spawn from Satan's loins, suck the blood of innocent babies, murder little old ladies and worship everything evil and are responsible for all bad things since time began.
 
SheWolf said:
There aren't many online sources to read yet...
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True - eventhough this has been a long time coming.

which begs the question: why now the downgrade - all the many issues we've gone through and it's the yaer 2011 when it happens?
 
digsbe said:
Don't be so foolish. This cannot be blamed on the Tea Party. Yeah! Let's squeeze a few trillion dollars from the top 1%.... The problem is spending, spending what we don't have. Raising taxes may help (or hurt) but the main problem is spending largely done by Bush and Obama.
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rich-taxpayers.jpg
 
Private Hudson said:
rich-taxpayers.jpg
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And lowering taxes on the highest bracket by 5% doesn't give us the revenue we need to pay off trillions in deficit? The main problem is increased and monstrous spending.
 
Thunder said:
the debt-crisis was totally created by the GOP and the Tea-Baggers.

without their games, the crisis would not have happened and we would still be AAA.
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Nope - doesn't wokr that way. Two parties insist on dominating together - they both take blame for their issues.

It is a joint issue - it has always been a joint issue. the partisan hackery only serves to slow the acceptance of this.
 
Ockham said:
You forgot to mention all Republicans are the devil spawn from Satan's loins, suck the blood of innocent babies, murder little old ladies and worship everything evil and are responsible for all bad things since time began.
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How could I forget that?!?
 
Private Hudson said:
As long as the right wing extremists and the Tea Party continue to hijack the political process, this country will be a joke. Great ideas you stupid Republicans.

Let's not spend any money to fix anything. Let's destroy the government that we're now working for. Let's fire teachers, police and fire for the sake of giving the wealthy a few extra bucks. Let's cut the individual income taxes of the wealthy (went down from 32 % in 1990 to 16 % in 2011). :roll:

Let us watch the roads crumble because we laid off everyone in Public Works. So glad we're spending no money to fix things or stimulate the economy in this country, but the stupid Republicans had no problems spending billions to fight a war in Iraq against a country that had nothing to do with 9/11. The Republicans have disgraced this country and they should all be impeached and go to prison.
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Other than the last two years can you point to a time when the deficit will be as high as the upcoming 2011-2012. To say that we will not spend money on anything when spending will be at record highs is just silly.

To talk about teachers, police and firefighters during a thread on the Federal government's spending shows a lack of knowledge that is appalling. Those folks you mention get paid by and are the responsibility of state and local governments.
 
digsbe said:
And lowering taxes on the highest bracket by 5% doesn't give us the revenue we need to pay off trillions in deficit? The main problem is increased and monstrous spending.
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No, it's spending AND earning!

You cannot just cut the spendings and hope that the economy will grow, you have to do both.
 
Private Hudson said:
No, it's spending AND earning!

You cannot just cut the spendings and hope that the economy will grow, you have to do both.
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Can you expound upon this more?
 
digsbe said:
Don't be so foolish. This cannot be blamed on the Tea Party. Yeah! Let's squeeze a few trillion dollars from the top 1%.... The problem is spending, spending what we don't have. Raising taxes may help (or hurt) but the main problem is spending largely done by Bush and Obama.
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Not according to the S&P. You can keep on blaming everyone except the Tea-Publicans. But it is 100% their fault. I will post this again:

Let me explain why this wouldnt have happened IF the congress raised taxes on the wealthy.....
What did Boehner say he got? 98% of what REPUBLICANS wanted.
Now why did the S&P lower the credit rating?
Because the REPUBLICANS GOT WHAT THEY WANTED!
And the Dems DIDNT!
Now..... go back and read WHY the S&P lowered the credit rating:
view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us 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 any time soon.
 
Not according to the S&P. You can keep on blaming everyone except the Tea-Publicans. But it is 100% their fault.
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Both parties in both houses of congress and the executive agreed to it. It is all of their faults.
 
The Giant Noodle said:
Not according to the S&P. You can keep on blaming everyone except the Tea-Publicans. But it is 100% their fault. I will post this again:

Let me explain why this wouldnt have happened IF the congress raised taxes on the wealthy.....
What did Boehner say he got? 98% of what REPUBLICANS wanted.
Now why did the S&P lower the credit rating?
Because the REPUBLICANS GOT WHAT THEY WANTED!
And the Dems DIDNT!
Now..... go back and read WHY the S&P lowered the credit rating:
view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us 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 any time soon.
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The reason S&P downgraded the U.S. is based on how likely the U.S. is able to pay down our debt. Making it an ideological is nonsense.
 
The Giant Noodle said:
Not according to the S&P. You can keep on blaming everyone except the Tea-Publicans. But it is 100% their fault. I will post this again:

Let me explain why this wouldnt have happened IF the congress raised taxes on the wealthy.....
What did Boehner say he got? 98% of what REPUBLICANS wanted.
Now why did the S&P lower the credit rating?
Because the REPUBLICANS GOT WHAT THEY WANTED!
And the Dems DIDNT!
Now..... go back and read WHY the S&P lowered the credit rating:
view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us 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 any time soon.
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No Noodle, you can't blame it 100% on Tea Party Republicans. By the way, you do realize that many Tea Party Republicans opposed the bill? You also realize that the Dems approved of it and Obama signed it into law right? Neither party got what they wanted, both parties agreed to it and Obama signed it. So if the Dems had their way there would be no downgrade right?
 
mertex said:
The United States had just lost its AAA credit rating from S&P, and they have announced that another downgrade may be coming within the next 12/18 months.

The debt ceiling scenario was the chief source of market angst in the last few months, and the GOP was wrong to use it as leverage to achieve some of the things they were demanding. Now the whole country will feel the negative effects. Will others follow S&P?

United States loses AAA credit rating from S & P
NEW YORK | Fri Aug 5, 2011 8:19pm EDT
Aug 5 (Reuters) - The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday, in a dramatic reversal of fortune for the world's largest economy.

S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about growing budget deficits.

U.S. Treasuries, once undisputedly seen as the safest investment in the world, are now rated lower than bonds issued by countries such as the UK, Germany, France or Canada.

The outlook on the new U.S. credit rating is negative, S&P said in a statement, a sign that another downgrade is possible in the next 12 to 18 months. (Reporting by Walter Brandimarte; Editing by Jan Paschal)

United States loses AAA credit rating from S&P | Reuters
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Just save the partisan bull**** will you? Harry Reid hasn't passed a budget in years. We lost our AAA because the spending cuts weren't large enough.
 
American said:
Just save the partisan bull**** will you? Harry Reid hasn't passed a budget in years. We lost our AAA because the spending cuts weren't large enough.
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If you read the report and the referenced material it becomes clear (at least to me) that the S&P was upset with the obligations, not the revenue.
 
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