Standard & Poor’s Puts ‘Negative’ Outlook on U.S. AAA (1) - Bloomberg.com

Of course, the boot-licking, acolytes of this administration like Lies-man and Goolsbee are out there trying to somehow paint this "negative" into a "positive". Or as VP Biden would say "No BFD".

"We can't default, we print our own money" seems to be the defense theme.

Doesn't that sound like the deadbeats and ne'er-do-wells we all know and love who say, "I can't be broke, I still have a credit card"?

Good Luck with that Champ. Denial is not just a river in Egypt. I just wonder what has taken these credit rating agencies so long to come to these conclusions. The Chinese came to this conclusion long ago and the hold the keys to the credit limit.


Standard & Poor’s Puts ‘Negative’ Outlook on U.S. AAA (1) - Bloomberg.com:

"April 18 (Bloomberg) -- Standard & Poor’s put a “negative” outlook on the U.S. AAA credit rating, citing rising budget deficits and debt.

“We believe there is a material risk that U.S. policy makers might not reach an agreement on how to address medium-and long-term budgetary challenges by 2013,” New York-based S&P said in a report today. “If an agreement is not reached and meaningful implementation does not begin by then, this would in our view render the U.S. fiscal profile meaningfully weaker than that of peer ‘AAA’ sovereigns.”

Under President Barack Obama’s fiscal year 2012 budget, released in February, the total debt subject to the ceiling would be $20.8 trillion in 2016. The plan House Republicans approved April 15, written by Budget Committee Chairman Paul Ryan, would need a debt ceiling of at least $19.5 trillion, according to data compiled by Bloomberg Government."

April 14, 2011

Obama Admits 2006 Vote on Debt Ceiling "Political"

President Obama, in an interview with ABC's George Stephanopoulos admitted that his 2006 against the debt ceiling was politically motivated, even as he tells Congress to vote for the debt limit. How can anyone believe what he says?

“I think that it’s important to understand the vantage point of a Senator versus the vantage point of a . . . President. When you’re a Senator . . . nobody likes to be tagged as having increased the debt limit for the United States by a trillion dollars . . . As President, you start realizing, ‘You know what? We can’t play around with this stuff. This is the full faith and credit of the United States.’ And so that was just an example of a new Senator, you know, making what is a political vote as opposed to doing what was important for the country. And I’m the first one to acknowledge it.”