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Politics : Formerly About Advanced Micro Devices
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To: i-node who wrote (623202)8/7/2011 9:24:38 AM
From: bentway1 Recommendation  Read Replies (3) of 1579459
 
Let's be clear about exactly what happened in the process of our credit rating downgrade

alternet.org.

Republican Ideology, Not Obama, Ruined our Credit Rating

Remember when the president suddenly offered the Republicans a grand bargain on deficit reduction and
put entitlements on the table if the Republicans would only consider eliminating tax loopholes for private jet
owners and other millionaires? Remember how so many progressives howled about the betrayal? Imagine
what the world would like today if the president had not taken that step...................

.......The downgrade from S&P has been brewing for months. S&P's sovereign debt team, led by company
veteran David T. Beers, had grown increasingly skeptical that Washington policy makers would make
significant progress in reducing the deficit, given the tortured talks over raising the debt ceiling. In recent
warnings, the company said Washington should strive to reduce the deficit by $4 trillion over 10 years,
suggesting anything less would be insufficient.

Negotiations to reach that threshold collapsed, and political leaders instead agreed to a last-second
deal to cut the deficit by between $2.1 trillion and $2.4 trillion, making a downgrade almost unavoidable.
When the $4 trillion deal fell apart, some Obama administration officials immediately warned that a
downgrade from S&P was a real possibility.

You have probably been subjected to an endless litany from progressives that this was all a fake
crisis and that we don't really have a debt problem. That was never true. We do have a debt problem.
We have a debt problem because Standard & Poor has come to the conclusion that we'll never be
able to raise revenues. The Republicans' ideology has ruined our credit rating. The president could
have been blamed for this downgrade if he hadn't shown a willingness to put entitlements on the table.
In that case, both sides would be equally to blame. But the president wisely took the necessary action
to protect our credit rating, and he was rebuffed when Eric Cantor and then John Boehner walked out
of the negotiations.
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