Breaking News from NY Times: S&P Downgrades US Long Term Debt Rating

Thanks to Obama and the Democrats in the Senate who refused to allow more cuts, S&P has downgraded the United States for the first time.  Another first for the Obama regime who in two years of runaway spending got us into the mess.  Then he gets us into Libya where we are spending unknown sums of money a day on a Country that makes no difference to the US.

Maybe instead of heading to Chicago to celebrate his birthday and rake in campaign funds, he should have stayed in DC and tried to head this off instead of partying.  Personally think he could care less no matter what he has to say or he wouldn't have gone to Chicago with this being a possibility.  Why didn't he demand that Congress stay in session to find more cuts -- oh wait, Obama doesn't like cuts because he wants to tax and spend.

Breaking News Alert
The New York Times
Friday, August 5, 2011 -- 8:41 PM EDT
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U.S. Long-Term Debt Downgraded by Standard & Poor’s 

Standard & Poor’s removed the United States government from its list of risk-free borrowers on Friday night, citing concern about the rising burden of long-term federal debt. 

The ratings agency had threatened the downgrade if the government did not act to reduce the federal debt by at least $4 trillion over the next decade. Earlier this week, Congress instead passed a plan to reduce the debt by at least $2.1 trillion. 

Two other ratings agencies, Moody’s and Fitch, both have said that they have no immediate plan to downgrade the country’s credit rating, giving the government more time to make progress on debt reduction. The split verdict limits the impact of the S.&P. downgrade as many consequences would only be triggered by a reduction by at least two agencies. 

Read More: http://www.nytimes.com/?emc=na