United States loses prized AAA credit rating

If we simply passed a clean debt ceiling bill this would not have happened. Instead, the credit agencies focus (like the rest of us) was turned to both the subject of the debt and government's inability to cooperate to do anything about it.

Good job, Tea Party. Fixing our problems will now be even more expensive.

Maybe the American People should be thankful to the Tea Party Movement. If something didn't happen to challenge the Status Quo in Washington it would have been business as usual. The Democrats and Republicans would have raised the dept limit and continued our unsustainable deficit spending without question until all of sudden we find ourselves in the same position as Greece and Ireland.

It might be painfull now but how much more painful would it have been a decade or two from now when our children would have to deal with it? How responsible is it to push off our problems onto our children?

Perhaps you haven't seen the U.S. National dept clock recently?

http://www.usdebtclock.org/

Dept per citizen = $46,743.00

Dept per taxpayer = $130,322.00

U.S federal revenue = $2.2 trillion

U.S. Spending = $3.6 trillion

Every year we are adding 1.4 trillion dollars to our dept. How long do you think we can spend 1.4 trillion more than we take in before we go bankrupt?

Why don't you try running your finances that way and let us know how it works for you?

QUOTE: "One thing that puts them [S&P] out in uncharted waters is trying to predict what the political environment is going to be," Rep. Neugebauer said. "They're not predicting an overly cooperative environment in Congress and that's a very subjective call."

The S&P downgrade decision cited its prediction that the political divisiveness in Washington would lead to the failure to allow expiration of the Bush Tax Cuts and a blockade of any tax or revenue enhancements thereby further reducing the revenue side of the budget equation. Any simpleton knows that you cannot cut your way out of a deficit, as recovery and balance comes from increased revenue via growth in the economy or tax increases or both. Even if spending were kept flat or reduced, the deficit would not be resolved without additional revenue.

Based upon the way the legislative process has been conducted and held hostage to the economically dimwitted Tea Party zealots, the position taken by S&P is not speculative or "subjective" at all. It is a virtual certainty that the past few months will be repeated as long as Boehner, Cantor and McConnell are in leadership positions. Those in the GOP seeking highest office, like Romney and Bachman, are even more ill informed and reckless. So S&P cannot be criticized for expecting more of the same. There is literally no basis for predicting otherwise

The Tea Party signed the bill into law?

they now join most of the rest of society, no income, big debt and crappy credit rating...