Quote:
Originally Posted by TracyCoxx
well our credit rating was downgraded, so there is that.
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The United States carried the top credit rating throughout the entire period of running deficits, regardless of whether it was under a Republican or Democratic administration. The rating was downgraded because, as Standard & Poor's made clear, there is no ability in Washington to get anything done.
The statement read that the downgrade was based on the "current level of debt, the trajectory of debt as a share of the economy, and the lack of apparent willingness of elected officials as a group to deal with the U.S. medium term fiscal outlook."
Had the shenanigans been otherwise, the rating would have stayed the same. S&P expected adult behavior, not necessarily a total solution.