The Obama Administration is saying Standard and Poors used flawed data in lowering the Nation's credit rating from AAA to AA+.
That's the problem....The Administration is in denial...Its not flawed data...its too much debt...It happens to you too...If you have too much debt your credit score goes down....
The recent debt deal was not enough for the ratings agency and the result will be higher interest rates and surely a stock market hit on Monday...Its no coincidence the news came down on a Friday evening. The other two major ratings agencies have retained the AAA rating...That means the S&P action may have little immediate impact.
The political establishment is frozen like a deer in the headlights....Just get used to the new reality.....Besides we are still a country where a guy can walk out of prison and sign with an NFL team for $3million. As long as that keeps happening, I know everything is OK.
S&P downgrades U.S. credit rating for first time - The Washington Post