ABC News has just reported that the federal government expects the pristine AAA credit rating of the United States to be downgraded. According to a government official, Standard & Poors is going to downgrade the credit rating of the U.S. Government. Among the reasons cited will be “Republicans saying that they refuse to accept any tax increases as part of a larger deal.”
This proves once again, just how irresponsible the GOP has been throughout this debt ceiling crisis. Coming on the heels of yesterdays 500 point loss on the Dow Jones, this horrible news will affect millions of Americans and their families as the world braces for economic collapse. As the private industry comes to realize that the government will no longer be able to spend money, interest rates will rise and the unemployment rate will increase.
Also frightening is the fact that the economic situation in Europe continues to degrade, which will worsen when S&P officially lowers the federal crediting rating, affecting American markets even more. Republicans had several chances to compromise with Democrats but held America hostage to score political points against President Obama. After Congress passed the Republican dominated debt deal, Americans breathed a sigh of relief as many thought a crisis had been averted. But, it now appears that Republicans shot the hostage after all.
ABC News reports:
“A government official tells ABC News that the federal government is expecting and preparing for bond rating agency Standard & Poor’s to downgrade the rating of US debt from its current AAA value.” Among the reasons cited will be “Republicans saying that they refuse to accept any tax increases as part of a larger deal.”
Okay, if you don’t think this is credible, let me quote the ACTUAL S&P report for you.
“We have changed our assumption on this because the majority
of Republicans in Congress continue to resist any measure that would raise
revenues, a position we believe Congress reinforced by passing the act.”
- http://www.ft.com/intl/cms/af2c4fac-bfc2-11e0-90d5-00144feabdc0.pdf
And so the spin begins. The R’s are already saying the downgrade rests solely on President Obama’s shoulders. Like the 2010 election, which they spun as a mandate to reduce the deficit, the, even tho’ real reasons were stated (jobs, jobs, jobs), they spin it to be completely inverse. Welcome to double-speak. I guess 1984 is finally here.
And, kudos to Grover Norquist who, single-handedly destroyed America and, thus, the world. May he burn in hell.
This is a temporary rating. It will be re-instated to AAA with much fanfare in the near future.
I’d say head for the hills, but the “job creators” in this country are busy converting them into mountain strongholds to survive the madness to come.
Anyone else want to make the trek to Canada with me?
Well, since you’re offering……….
@Trixie- I have to believe that the sane folk who follow the news will get the message. There’s no place to hide for moderate conservatives anymore. The new kids on the block are tearing this country apart one chunk at a time- and they can’t be negotiated with. This will kill the GOP in 2012, but unfortunately the damage is already done.
ruin the GOP’s chances in 2012? Awesome. That may the one bright spot in this hideous situation. I would like to see each and every tea party member voted out. That would be a good start.
I agree completely. It’s been like watching some kind of surreal alternate reality show.
Praise be the Lord. And that’s coming from someone who’s not religious. And not for the downgrade, but for the reason. When I read this headline I assumed this was sarcasm, comparable to something seen over at The Onion. Which just goes to show how *strong* the utterly false and wholly irresponsible and unimaginably damaging the narrative of “no new revenues” has been.
I really did start to believe I was living in some alternate universe…perhaps unknowingly starring in a scene in “Stepford Wives” screaming “WHAT is WRONG with you people?” while the rest of the country robotically goes about its business.
In a recession as hard-hitting as this one, we don’t have a spending problem, WE HAVE A REVENUE PROBLEM. Create jobs!!! No one has ever “cut” themselves out of a recession and no one has ever reduced the deficit BY IGNORING HALF THE EQUATION.
Thanks, I feel better now. And here’s to hoping this message gains momentum.
I’m with you…just needed my sanity validated for a moment, before the spin doctors start their work.
And me! We also need to vote out these ineffectual “representatives” with their own personal agendas.