From
Breitbart/Associated Press:
S&P downgrades US credit rating from AAA
Credit rating agency Standard & Poor's on Friday downgraded the United States' credit rating first time in the history of the ratings.
The credit rating agency said that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.
And I love the understatement in this little note:
S&P said it was now "pessimistic about the capacity of Congress and the administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government's debt dynamics anytime soon."
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