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S & P, "It's the Debt and Deficits"

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Well-known member
Apr 12, 2008
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real world
Need to cut the deficit by $400-500 billion, immediately? Which would still put it about $500 Billion over the Bush deficits......

....is there still any doubt that the Democratic spending is the issue?

Even without the "Bush tax cuts", the additional revenue would not have compensated for the "obama deficit spending"

The credit agency S&P intervened in the showdown between the GOP and the GOP today to remind participants that the issue is debt, not the debt ceiling.

Standard & Poor's President Deven Sharma appeared before a House subcommittee overseeing credit agency ratings and had this to say:

"The more important issue is really the long-term growth rate of the debt … as well as the deficit," Sharma told a House Financial Services subcommittee according to the LA Times.

The head of the rating agency said they S&P thought that the U.S would not default on its debts. But he also reminded everyone that even if the country gets clear of the debt ceiling issue, a credit downgrade, which could cost the country hundreds of billions of dollars annually in interest payments, is all but assured without at least a $400 billion per year cut almost immediately.

edited to include correct link


you can kick the can down the road only so long- eventually you will run out of road. they can raise the debt ceiling, (build more road) but eventuall they will come to this place again. and again and again! that is what we have been doing. making the car payment with the credit card, and paying off that credit card with another card and paying off that card with...........well anyway sooner or later that slack will come tight, it might as well be now, the deeper the hole gets the harder it will be to get out of.
are we going to be selfish and let them raise the debt and pass it on to our kids and grandkids? they will eventually need to deal with it. Only cowards are for raising the debt ceiling and passing this problem on to the next generation. The borrowed buck needs to stop here!everyone always forsees the most dire circumstances, reality is usually never as bad as what our minds can conjur up. let the chips land where they fall and we will start to rebuild and clean up the mess. Aug. 3rd the sun will still come up, the sky will be blue and the grass will still be green.
U.S. Expecting To Be Downgraded By Standard And Poor's: ABC Report

The U.S. government reportedly expects the rating of U.S. debt to be downgraded by credit rating agency Standard and Poor's, according to ABC News. U.S. debt currently holds a triple-A credit rating, the highest possible.

On Tuesday, President Barack Obama signed an agreement to raise the debt ceiling of the U.S., after a political dispute that lasted for months.

This is a developing story.

Hypo, I just saw a press release saying that it's just been done. I'll post it in a new thread.
Texan said:
Hypo, I just saw a press release saying that it's just been done. I'll post it in a new thread.

"We told you so" :?

What is it about Dems., that they are not able to listen to those that offer warnings?

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