“We have lowered our long-term sovereign credit rating on the United States of America to ‘AA+’ from ‘AAA,’” S&P said in a statement.
“The downgrade reflects our view that the effectiveness, stability and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.”
“trying to justify their reputation” Rep. Barney Frank (D-Mass.)
These are some of the people who have the worst records of incompetence and irresponsibility around,” Rep. Barney Frank (D-Mass.)
“A judgment flawed by a $2 trillion error speaks for itself,” a Treasury spokesman
defended his firm’s work. “It’s going to take awhile to get back to AAA because once you lose your AAA it doesn’t usually back bounce in that way,” S&P managing director John Chambers
“This decision by S&P is the latest consequence of the out-of-control spending that has taken place in Washington for decades, The spending binge has resulted in job-destroying economic uncertainty and now threatens to send destructive ripple effects across our credit markets.” House Speaker John Boehner (R-Ohio)“For months, he opposed all efforts to reduce the debt in return for a debt ceiling increase, His opposition to serious spending and debt reforms has been reckless and now the American people will pay the price.” Sen. Jim DeMint (R-S.C.)
“The action by S&P reaffirms the need for a balanced approach to deficit reduction that combines spending cuts with revenue-raising measures like closing taxpayer-funded giveaways to billionaires, oil companies and corporate jet owners. This makes the work of the joint committee all the more important, and shows why leaders should appoint members who will approach the committee’s work with an open mind — instead of hardliners who have already ruled out the balanced approach that the markets and rating agencies like S&P are demanding.” Senate Majority Leader Harry Reid (D-Nev.)
