S&P downgrades U.S. debt

(CBS/AP) Credit rating agency Standard & Poor's says it has downgraded the United States' credit rating for the first time in the history of the ratings.

really who didn't see this coming?

The credit rating agency says that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said late Friday 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.

www.cbsnews.com...

what do you give the president for his birthday? a bad credit rating

i was watching the news and there was a math error about the credit rating people this is bad news and it will translate down the pipe to every single one of us.

higher interest rates on every single thing in this country.

and the long term outlook is negative.

another thread already on it here

www.abovetopsecret.com...

mods do your thing.

Not exactly a big surprise, everyone knew it was coming.

reply to post by neo96

Wasn't the point of raising the debt ceiling before 8/2 so that we could avoid our credit rating going down? I really have tried to understand what has been going on with this but maybe I need someone to explain the whole issue to me. What does this drop in our credit rating even mean?

Fox news just sent me the alert. Get ready for the fireworks!

reply to post by kitty22


It was not about just raising the debt ceiling, that's only what they reported on to help the liberals. The rating agencies also said that the total debt needed to be reduced by 4 trillion, now, not 10 years from now.

Bill approved still has total debt increasing $13 trillion over the next 10 years since the plan did not address SS and medicare increases, only affect discretionary costs.

This S&P downgrade should bring shame to all those who voted for the Bill, only 22 House members said no.

Originally posted by neo96
another thread already on it here

www.abovetopsecret.com...

mods do your thing.

Thread closed.