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.

Bustin out

"You think I'm still the kid on the school bus?"

House Republicans voted against raising the debt ceiling today. Whoopee.
They want to cut spending, other than the wars of course. Oh yeah, and that whole Medicare thing, since that sort of affects much of their base constituentcy. And taxing corporations is naturally too far fetched.
Hmmm. Where are we gonna get some more money....

Polls show the public does not support a further increase in borrowing authority even as the Treasury Department scrambles to avoid a default that could push the country back into recession and rattle markets across the globe.

The Treasury Department has been tapping alternate funding sources, such as federal employee pensions, to cover its obligations since the debt limit was reached on May 16, but has warned it will run out of options if Congress does not act by August 2.
-Reuters

Our pensions.
And that won't even get us through the summer.
Wow.
It'll probably buy a couple of lucky bankstas some swanky greek islands though.