Make no mistake, the main reason S&P is downgrading our credit rating, the first time in history the credit rating of the US has been downgraded from the highest level, AAA, to AA+, is because the tea bagging GOPers in the house are stubborn fools and idiots. ThinkProgress quotes from the S&P downgrade announcement...
The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy.It couldn't be more clear. A major reason for the S&P action was the intransigence and stupidity of the GOP, and in particular the idiot babbling fool wing of the GOP, aka tea baggers. This small minority in 1/2 of 1/3 of our government has royally fucked us all. Well done, tea baggers! Yer doin' a heckuva job!
It appears that for now, new revenues have dropped down on the menu of policy options.
The act (deal to raise debt limit) contains no measures to raise taxes or otherwise enhance revenues, though the committee could recommend them.
the majority of Republicans in Congress continue to resist any measure that would raise revenues
For now the lone rating agency to take action is S&P, the same jokers who told everyone how safe all of those derivatives based on bundled crappy mortgages were. Should other major ratings agencies follow suit, every single American will suffer. It will cost every single one of us in higher interests rates, higher prices and lower availability of credit.
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