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Politics : The Obama - Clinton Disaster
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To: longnshort who wrote (55131)8/11/2011 6:22:24 PM
From: DuckTapeSunroof  Read Replies (2) of 103300
 
S&P admitted their original $2 Trillion math error, but then then immediately changed their rationale for a downgrade to a political rationale, and not an economic argument based solely upon the projected deficit numbers.

S&P said we need to raise TAXES, that that is one of the things Washington needs to do.

And they said that the DEBATE in Washington over the debt ceiling extension made matters much WORSE, destroyed confidence. And that too was one of the big reasons (according to S&P, straight from their press release) for the downgrade they issued.

They basically said they don't think Washington has the balls to do what it takes to eventually control the deficit.
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