A Credible Downgrade?

On Friday Standard & Poor’s lowered the AAA credit rating of the United States. The new credit rating is now AA+ and it marks the first time in history that the U.S. has had its credit rating lowered. It probably doesn’t even need mention that this will serve as political ammunition for opponents to President Obama. It will be beside the point that the Republicans use of the debt ceiling for political advantage is the only reason the United States came precariously close to a first ever default on its financial obligations.

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