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United States News
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Title: S&P downgrades U.S. credit rating for first time
Source: Washington (com)Post
URL Source: http://www.washingtonpost.com/busin ... 11/08/05/gIQAqKeIxI_print.html
Published: Aug 5, 2011
Author: Zachary A. Goldfarb
Post Date: 2011-08-05 20:54:22 by Get Outta Dodge!
Keywords: None
Views: 12697
Comments: 27

Standard & Poor’s announced Friday night that it has downgraded the sterling U.S. credit rating for the first time.

The move came even though the Treasury Department said that it had found a math error in the firm’s calculations of deficit projections, according to a person familiar with the matter.

S&P decided to lower the AAA rating, held by the United States for 70 years, to AA+ after a bipartisan debt deal signed into law this week failed to assuage concerns about the nation’s growing spending.

Analysts have said a downgrade could increase the cost of borrowing for the U.S. government and lead to tens of billions of dollars in more interest costs per year. That could translate into higher borrowing for consumers and businesses, too.

A downgrade would also have a cascading series of effects on states and localities that rely on federal funding, including in the Washington metro area, potentially raising the cost of borrowing for schools and parks.

But the exact impact of the downgrade won’t be known at least until Sunday night, when Asian markets open, and perhaps not fully grasped for months. Analysts say the immediate term impact is likely to be modest because the markets have been expecting a downgrade by S&P for weeks.

Standard & Poor’s has warned Washington several times this year that, unless the federal government took steps to tame its debt, its credit rating could be lowered.

Some analysts are worried about the impact of a downgrade on markets where Treasurys are held as collateral and the AAA rating is required. But most analysts don’t expect this issue to pose a major problem.

S&P’s action is the most tangible vote of disapproval so far by Wall Street on the deal between President Obama and Congress to cut the deficit by at least $2.1 trillion over 10 years. S&P has said that it wanted at least $4 trillion of deficit reduction.

The downgrade is likely to be used as a weapon by both Republicans and Democrats as they argue the other side has not taken deficit reduction seriously.

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Begin Trace Mode for Comment # 10.

#8. To: All (#0) (Edited)

Obama, Boehner and Reid are officers on the Starship USS Enterprise

Due to being surrounded by a fleet of battlestarships of the Evil Emprire of
the Tea Party Pods, these officers have initiated a Starship SelfDestruct
Sequence - which will occur in 60 seconds. The only thing that will stop it
now is all three officers inserting their special keys into the auxillary super- secret slot.

60 SECONDS TO SELF DESTRUCT. The evil tea-party ships are still in place - not moving

50 SECONDS TO SELF DESTRUCT. The evil tea-party ships are blinking, but not moving

40 SECONDS TO SELF DESTRUCT. Evil tea party ships - still there

30 SECONDS TO SELF DESTRUCT. Evil tea party ships starting to move away

20 SECONDS TO SELF DESTRUCT. Queen Bachmann of the Evil Tea Party says "These mofos are CRAZY"
- and gets her fleet the hell out of there

10 SECONDS TO SELF DESTRUCT. Reid and Boehner quickly run to their respective
control panels and insert their keys
in the Auxiliary Supersecret Slot. WHERE THE HELL'S OBAMA

1 SECOND TO SELF DESTRUCT. After fiddling with his key, Obama finally inserts the key. IN HIS ASS!!
(the fool mistook the initials of Auxiliary Supersecret Slot)

KABOOM!!!!!!!!!!!!!

Get Outta Dodge!  posted on  2011-08-05   21:46:38 ET  Reply   Untrace   Trace   Private Reply  


#9. To: Get Outta Dodge! (#8)

Obama, Boehner and Reid are officers on the Starship USS Enterprise

Where were you when Admiral GWBush was the commander or even his predecessors? Asleep?

buckeroo  posted on  2011-08-05   21:50:04 ET  Reply   Untrace   Trace   Private Reply  


#10. To: buckeroo (#9)

Where were you when Admiral GWBush was the commander or even his predecessors? Asleep?

I was temporarily assigned embassy duty in the Klingon Empire

Get Outta Dodge!  posted on  2011-08-05   21:54:45 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 10.

#14. To: Get Outta Dodge! (#10)

I was temporarily assigned embassy duty in the Klingon Empire

You had me worried for a bit, there. Your duty is a lot better than what I was actually thinking. The truth is, I thought you ingested a massive quantity of dilithium crystals while enjoying a flux capacitor during beaming up to the moon.

buckeroo  posted on  2011-08-05 22:15:26 ET  Reply   Untrace   Trace   Private Reply  


End Trace Mode for Comment # 10.

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