Saturday, August 06, 2011

S&P: Downgrade Was Because Obama, Congress 'Did not Cut Enough'

Cue exploding liberal heads
But S&P officials on Saturday insisted that they had come to a reasoned conclusion that the U.S. will have difficulty getting its soaring deficits under control. And they said S&P had given plenty of warnings that a downgrade could be coming if Congress and the Obama administration did not produce a credible deficit-cutting plan.

David Beers, global head of sovereign ratings at S&P, said the rating agency was concerned that the deal on the budget reached last weekend fell short of what S&P felt was needed. S&P was looking for $4 trillion in budget cuts over 10 years.

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