US Expecting Credit Downgrade

The government knew this was coming. Hindsight being 20/20, it’s starting to look more and more like they WANTED it to happen. It’s not like it was any big secret that the debt ceiling was coming up, especially after the government started spending $1.6 trillion more per year than it took in. Yet what did they do? They (both democrats and republicans) ignored the problem, kept on spending, and waited until there was a “crisis” not to let go to waste, they scared the people with lies (especially about Social Security and defense), and rushed another crappy piece of legislation through that does nothing by screw the American people… AGAIN. The ink wasn’t even dry on the agreement on how to further increase the indebtedness of the American people when the Fed borrowed $238 billion MORE dollars, raising our debt to 100% of GDP for the 1st time since 1947. Does the debt deal cut spending? Only if your definition of “cutting spending” is to spend only 90% more than you make. The deal ADDS $7 TRILLION to the debt over the next decade. So, let’s get a few things straight.

The list of things we’ve been lied to about just goes on, and on, and on. I don’t know about you, but I’m beyond sick and tired of being lied to. So, what do we do? I’d say finish preparing yourself and your family, hunker down, and wait for the right opportunity to serve your country. Life isn’t going to get easier from here on out. It’s very likely that our children are going to inherit a nation that looks much as it did in the late 1930’s. At this point, I think the best we can hope for is to stop the destruction and lay a foundation for our children to build upon. Don’t shield them from hard times, but rather let them share in them so they understand what must be done to save this nation. +


http://blogs.abcnews.com/politicalpunch/2011/08/govt-official-us-expecting-sp-downgrade.html

Govt official: US expecting S&P downgrade

August 05, 2011 4:51 PM A government official tells ABC News that the federal government is expecting and preparing for bond rating agency Standard & Poor’s to downgrade the rating of US debt from its current AAA value. Officials reasons given will be the political confusion surrounding the process of raising the debt ceiling, and lack of confidence that the political system will be able to agree to more deficit reduction. A source says Republicans saying that they refuse to accept any tax increases as part of a larger deal will be part of the reason cited. The official was unsure if the bond rating would be AA+ or AA. Another government official confirms the Obama administration is preparing for the downgrade but is not 100% positive it’s going to happen, and if it does happen officials are not sure when it will happen. Before ratings agencies issue a downgrade, there is often some back and forth that goes on behind the scenes. Treasury Department officials have been making the case for months that S&P should not downgrade US debt.

-Jake Tapper


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One Response

  1. Well, Obama and band of progressive buttholes succeeded in getting us one step closer to what they desire for America, which is to diminish us in the eyes of the rest of the world and remove us as the sole superpower. For the 1st time in American history, our credit rating has been lowered. Another Obama first that he can be proud of. Thanks a lot… FOR NOTHING, you POS.

    S&P downgrades U.S. credit rating for first time

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