S&P: GOP owns the rating downgrade | Arkansas Blog

Sunday, August 7, 2011

S&P: GOP owns the rating downgrade

Posted By on Sun, Aug 7, 2011 at 2:23 PM

click to enlarge 1312744670-elephant.jpg

We don't have to speculate how much Congressional Republicans' taxes-over-our-dead-bodies dogma had to do with Standard and Poor's downgrade of the United States credit rating from AAA to AA+. S&P comments on it in black and white on page four of their eight page report on why the rating was downgraded: "Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.”

Online, opinions on why the mainstream media isn't reporting this fact are mixed. Meanwhile, over on one of my favorite websites in the whole world, www.reddit.com, the wiseacres there have been dejected enough about the Republicans' role in the credit downgrade that they've made a rather clever (if a bit naughty) revision of the GOP logo.

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