From Bloomberg: S&P Cuts U.S. Rating for First Time on Deficit Reduction Pact
- The U.S. had its AAA credit rating downgraded for the first time by Standard & Poor’s, which slammed the nation’s political process and said lawmakers failed to cut spending enough to reduce record deficits.
“The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics,” S&P said in a statement today.
Washington ignored our pleas and our warnings. Anyone with 2 neurons firing could see this coming.
Eric Cantor: YOU ARE A FAILURE. You have failed as a representative; you have failed as a leader; you have failed the nation; you are an embarrassment to Virginia. If you have any honor left, you will resign immediately, apologize to the citizens of Virginia and the seventh Congressional district, and then fade away. Maybe you can get a job making french fries someplace where you can’t hurt anything important. Mark Warner, Jim Webb, and the rest of you who voted for this disaster: ditto. You have personally brought the coming economic calamity down onto the heads of Virginians, in spite of our demanding you act responsibly and balance the budget.
Instead of balancing the budget as the Tea Parties demanded, the establishment republicans handed Obama $2.1 Trillion taxpayer dollars to spend between now and November 2012 on his reelection campaign. You can count on his spending it. All of it. You can bet the farm that they’ll be back for another few $Trillion right after the election.