"The Republicans in congress refused to raise the debt limit until the last few days which was the primary cause."
That is ignorant nonsense. The raising of the debt ceiling, along with insufficent action to reduce the deficit, were the factors that lead to the downgrading of the country's credit rating by S&P.
Since the previous April, S&P had repeatedly warned the U.S. rating was at risk if
Washington did not agree to reduce deficit spending by $4 trillion over 10
years. This did not happen. The democrats would not agree to the cuts needed. The final agreement cut spending by about $900 billion and created
a joint congressional committee (super committee) to find $1.5 trillion more by Thanksgiving.
S&P, in a statement the following Saturday, said the U.S. was downgraded 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."
By the way, the "super committee" failed in it's job of finding that 1.5 trillion more in cuts by Thanksgiving, proving S&P was correct in their assessment!
When you are as ignorant of the facts as mal, you really should not post regarding this area. Misleading the citizens of this country will come back to bite you. There is such a thing as karma, you know. Besides, you are not helping our children and grandchildren when you are that irresponsible.
