For posterity's sake.
From the S&P's own release explaining why they lowered the US credit rating:
"Aug 5, 2011 at 9:12 pm
Reuters reports: “The United States lost its top-notch AAA credit rating from Standard & Poor’s on Friday, in a dramatic reversal of fortune for the world’s largest economy.” The new rating is AA+.
In explaining their decision Standard & Poors cites both the decision by Republicans in Congress to turn the debt ceiling into a political football and the Republicans intransigence on tax increases. Some excerpts from the release:
[...]The political brinksmanship of recent months highlights what we see as America’s governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy.
[...]It appears that for now, new revenues have dropped down on the menu of policy options.
[...]The act contains no measures to raise taxes or otherwise enhance revenues, though the committee could recommend them.
[...]Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.
Standard & Poors indicates that they could improve their rating for the U.S. if “the 2001 and 2003 tax cuts for high earners lapse from 2013 onwards, as the Administration is advocating.”"
It was the Tea Party and the GOP who are terrified of that small minority that caused this. This is part of their plan to destroy the economy so they came blame it on Obama and win in 2012.
WTF do they think they will be winning? They DON'T CARE. Billionaires and multi-billion dollar corporations will be sitting pretty as a picture and that is their goal. The rest of us can eat cake.
You R zombies in SC and elsewhere better remember this in 2012 when they start saying it's Obama and those evil job creator destroying, bible stealing, illegal alien welcoming, baby killing, gay marriage lover liberals' fault.
I may print this out to give to the inevitable Obama blamers I run across.
Thor sez: Is the Tea Party in hot water?