KK's Korner

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Archive for August 6th, 2011

Failing Grade

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Hopefully a downgrade in credit rating this year means an upgrade in president next year.

Two government officials tell ABC News that the federal government is expecting and preparing for bond rating agency Standard & Poor’s to downgrade the rating of U.S. debt from its current AAA value.

Official reasons given, one official says, will be the political confusion surrounding the process of raising the debt ceiling, and lack of confidence that the political system will be able to agree to more deficit reduction. A source says Republicans saying that they refuse to accept any tax increases as part of a larger deal will be part of the reason cited. The official was unsure if the bond rating would be AA+ or AA.

A third official says that S&P made a “serious mistake” in its analysis, “based on flawed math and assumptions,” so the Hussein administration is pushing back. But even though “S&P has acknowledged its numbers are wrong, it’s unclear what they’re going to do.,” the official said.

S&P’s numbers were off by “roughly $2 trillion,” the official said.

S&P refused to comment.

S&P’s numbers are off by $2 trillion? Pft. Wait until the bills for Hussein Health Care Deform start coming in.

Written by kkktookmybabyaway

August 6, 2011 at 10:33 pm

Posted in News