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So much for the great job on the Debt Deal. Remind me of what it accomplished, besides higher debt, more spending, and yet another Congressional committee?

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S&P downgrades US credit rating from AAA

By MARTIN CRUTSINGER
AP Economics Writer
Aug 5, 8:42 PM EDT

WASHINGTON (AP) -- Credit rating agency Standard & Poor's says it has downgraded the United States' credit rating for the first time in the history of the ratings.

The credit rating agency says that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said late Friday 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.

A source familiar with the discussions said that the Obama administration believes S&P's analysis contained "deep and fundamental flaws."

<blockquote data-quote="Little-Acorn" data-source="post: 166960" data-attributes="member: 2131">So much for the great job on the Debt Deal. Remind me of what it accomplished, besides higher debt, more spending, and yet another Congressional committee?---------------------------------<a href="http://hosted.ap.org/dynamic/stories/U/US_US_DEBT_RATING?SITE=FLTAM&amp;SECTION=HOME&amp;TEMPLATE=" target="_blank">http://hosted.ap.org/dynamic/stories/U/US_US_DEBT_RATING?SITE=FLTAM&amp;SECTION=HOME&amp;TEMPLATE=</a>S&amp;P downgrades US credit rating from AAA By MARTIN CRUTSINGER AP Economics WriterAug 5, 8:42 PM EDTWASHINGTON (AP) -- Credit rating agency Standard &amp; Poor&#039;s says it has downgraded the United States&#039; credit rating for the first time in the history of the ratings.The credit rating agency says that it is cutting the country&#039;s top AAA rating by one notch to AA-plus. The credit agency said late Friday 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&#039;s debt situation.A source familiar with the discussions said that the Obama administration believes S&amp;P&#039;s analysis contained &quot;deep and fundamental flaws.&quot;</blockquote>

[QUOTE="Little-Acorn, post: 166960, member: 2131"] So much for the great job on the Debt Deal. Remind me of what it accomplished, besides higher debt, more spending, and yet another Congressional committee? --------------------------------- [url]http://hosted.ap.org/dynamic/stories/U/US_US_DEBT_RATING?SITE=FLTAM&SECTION=HOME&TEMPLATE=[/url] S&P downgrades US credit rating from AAA By MARTIN CRUTSINGER AP Economics Writer Aug 5, 8:42 PM EDT WASHINGTON (AP) -- Credit rating agency Standard & Poor's says it has downgraded the United States' credit rating for the first time in the history of the ratings. The credit rating agency says that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said late Friday 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. A source familiar with the discussions said that the Obama administration believes S&P's analysis contained "deep and fundamental flaws." [/QUOTE]

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