US credit downgraded

[347Mike]

Sorry bro but it's all of our fault. Look around years of kicking the can is finally catching up

Our fault? I eat ramon noodles everyday so I can have my once a month steak. I bring back half the shit I buy because I hate spending money on shit I don't need.

This is hardly 'our' fault.

[Forever_frost]

I wonder how the libs will swing this and turn it against the Republicans.

They're saying the Tea Party held Obama hostage and wouldn't give him revenue

[Captain Crawfish]

WTG Obama!

Sorry bro but it's all of our fault. Look around years of kicking the can is finally catching up

[Captain Crawfish]

Time to change our ways. Free fucking ride is over folks. Get a job and lets get to work on paying our debt. I still believe in the usa but we have fallen pretty low. I cussed out a Canadian at whataburger because he was asking for handout while I was eating. Sad

[lowthreeohz]

WTG Obama!

[8mpg]

I wonder how the libs will swing this and turn it against the Republicans.

[TexasDevilDog]

So the world ends, when?

[347Mike]

The little advertisements I see on google and yahoo finance about the guy predicting a major crash in 2011 seems to be getting closer and closer to becoming true.

[The King]

How's that for hope & change you can believe in, obammy?

At least he got the change part right.....

[Sgt Beavis]

Does anyone think that is the wake up call they (both the President and Congress) needed?

I'm guessing not. Nothing but a bunch of fuckin' fools over there. There are a few bright ones, but they are few and far between.

[2165 Turbo Rail]

I just saw this on tv..

[KungFuHamster]

First time ever. But its Bush's and the tea partys fault, so its ok.

http://finance.yahoo.com/news/SampP-downgrades-US-credit-apf-2107320979.html

WASHINGTON (AP) -- 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."