Friday, August 5, 2011

US credit downgraded to AA+

S&P downgraded the US credit rating today. For the first time in history.
The three main credit agencies, which also include Moody's Investor Service and Fitch, had warned that the country faced a downgrade if the government didn't sufficiently cut spending.
They didn't.
S&P said that in addition to the downgrade, it is issuing a negative outlook, meaning that there was a chance it will lower the rating further within the next two years. It said such a downgrade to AA would occur if the agency sees smaller reductions in spending than Congress and the administration have agreed to make, higher interest rates or new fiscal pressures during this period.
-Associated Press

And it was just sick the way they trotted out the woman who got shot in the head to cast the last vote on the debt bomb delay deal.