7. And that brings us to Standard & Poor and Moodys. Standard & Poor has said, very clearly, that unless they see a budget with real cuts to the tune of $9 to 10 trillion, they will downgrade America's credit. Again, none of the plans on the table, listed above, come ANYWHERE near to this. But still, the pontificating goes on, on Capitol Hill while they play at the crisis--while doing absolutely nothing!
Aug 5 (Reuters) - The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday, in a dramatic reversal of fortune for the world's largest economy.
S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about growing budget deficits.
U.S. Treasuries, once undisputedly seen as the safest investment in the world, are now rated lower than bonds issued by countries such as the UK, Germany, France or Canada.
The outlook on the new U.S. credit rating is negative, S&P said in a statement, a sign that another downgrade is possible in the next 12 to 18 months. (Reporting by Walter Brandimarte; Editing by Jan Paschal)
Let me close with these words written so long ago:
And for the support of this Declaration, with a firm reliance on the protection of divine Providence, we mutually pledge to each other our Lives, our Fortunes and our sacred Honor.