5 Responses to “latest debt ceiling deal is seen as a joke around the world”

1. Thomas
   August 5th, 2011 @ 4:59 pm

   ..U.S. loses AAA credit rating from S&P
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   ….NEW YORK (Reuters) – The United States lost its top-notch AAA credit rating from Standard & Poor’s on Friday in an unprecedented reversal of fortune for the world’s largest economy.

   S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about the government’s budget deficits and rising debt burden. The move is likely to raise borrowing costs eventually for the American government, companies and consumers.

   “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.

   The decision follows a bitter political battle in Congress over cutting spending and raising taxes to reduce the government’s debt burden and allow its statutory borrowing limit to be raised.

   On August 2 President Barack Obama signed legislation designed to reduce the fiscal deficit by $2.1 trillion over 10 years. But that was well short of the $4 trillion in savings S&P had called for as a good “down payment” on fixing America’s finances.

   The political gridlock in Washington and the failure to seriously address U.S. long-term fiscal problems came against the backdrop of slowing U.S. economic growth and led to the worst week in the U.S. stock market in two years this week.

   The S&P 500 stock index fell 10.8 percent in the past 10 trading days on concerns that the U.S. economy may head into another recession and because the European debt crisis has been growing worse as it spreads to Italy.

2. Florence Stone
   August 6th, 2011 @ 12:08 am

   I believe this is the first time in American history that we have lost our AAA standing. Take a bow, Obama. You are achieving your goals. You are destroying OUR great country! I hope Orly puts you behind bars ASAP!! She is closing in on you. Your days as POTUS are numbered. God, please answer our prayers soon!!

3. RacerJim
   August 6th, 2011 @ 7:06 am

   I hope Orly puts the usurper Marxist’s head in a hangman’s noose ASAP!!

4. Brett Tiernan
   August 6th, 2011 @ 3:17 pm

   I have been SO FRUSTRATED over this mess, I have been following this since 2007 and I can’t believe that no one in Congress has even lifted a finger to do the RIGHT thing. It has been obvious since almost day one that something was truly wrong with obamas past and now there is so much of the truth that is EASILY found, that it is shameful that we have had to wait this long for action. Thank you Orly, May GOD be with you.

5. hapnHal
   August 6th, 2011 @ 9:34 pm

   Know what else Obama inherited from Bush…

   A AAA Rating!

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