S&P downgrades U.S. credit rating

CNN by Charles Riley | Aug. 5, 2011 (Breaking News)

Credit rating agency Standard & Poor's on Friday downgraded the credit rating of the United States, stripping the world's largest economy of its prized AAA status.

In July, S&P placed the United States' rating on "CreditWatch with negative implications" as the debt ceiling debate devolved into partisan bickering. Full Story »

Posted by Samuel W. Velsor IV

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Samuel W. Velsor IV
3.2
 by Samuel W. Velsor IV - Aug. 5, 2011

However, one of S&P’s explicit criticisms of the compromise was that it didn’t address the biggest drivers of the nation’s debt — Social Security and Medicare — and didn’t allow for additional tax revenue. (“What’s wrong with the debt ceiling deal?”)

Clearly the fault of the Tea and Republican parties, the Administration and Obama wanted the tax cuts addressed.

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