• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Advertise
  • Contact Us
  • About Towleroad
  • Towleroad on Social Media
  • Privacy Policy

Towleroad Gay News

Gay Blog Towleroad: More than gay news | gay men

  • Travel
  • Sports
  • Law/Justice
  • Celebrities
  • Republicans
  • Madonna
  • Books
  • Men
  • Trans Rights
  • Royals
  • Monkeypox
  • Sophia Bush’s girlfriend ‘proud’ the actress has opened up about coming out as queer
  • Mel B declares she’ll ‘always be open’ when it comes to her sexuality!
  • Megan Thee Stallion being sued for ‘forcing cameraman watch her having lesbian sex!’

S&P Downgrades U.S. Credit Rating, Blames Political Bickering

Andrew Belonsky August 6, 2011

Stockmarket Credit agency Standard & Poor's downgraded the U.S. credit rating from AAA to the next lowest level, AA+, last night.

Economically speaking, the decline could raise interest rates and borrowing costs across the country, but many analysts believe the impact will be short-lived.

Wall Street Journal "Markets" reporter Kelly Evans told CBS News, "I think it's important for retail investors to keep in mind that, while there might be some short-term reaction, while we might see some disruption to money market funds, we'll get more bad news on Monday as related securities are downgraded, it's not expected to have necessarily a long-term effect."

Politically speaking, however, we can expect plenty of finger pointing from Republicans and Democrats alike. In fact, it's already begun.

Read more, AFTER THE JUMP…

Michele Bachmann today blasted President Obama and Treasury Secretary Tim Geithner for the credit downgrade.

"President Obama has destroyed the credit rating of the United States through his failed economic policies and his inability to control government spending by raising the debt ceiling," said the White House hopeful. Representative Bachmann also demanded that Geithner resign.

And Mitt Romney, another Republican presidential candidate, said, “America's creditworthiness just became the latest casualty in President Obama's failed record of leadership on the economy."

But if you read over the S&P statement, it's clear the agency blames both political parties:

The political brinksmanship of recent months highlights what we see as America's governance and policy making becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy.

…The differences between political parties have proven to be extraordinarily difficult to bridge, and, as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently. Republicans and Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating to the Select Committee decisions on more comprehensive measures.

It appears that for now, new revenues have dropped down on the menu of policy options.

Later in the document, though, the group gets more explicit about who they think shoulders most of the responsibility: "[The debt deal] contains no measures to raise taxes or otherwise enhance revenues…"

And which is the party of "no new taxes?"

Topics: News, Republicans More Posts About: credit downgrade, News, S&P, standard & poor's

Related Posts
  • Russia Blocks Facebook, Accusing it of Restricting Access to Russian Media;
  • Duran Duran Has New Music And You Are About To Enjoy it. It’s 2021. Seriously.
  • ‘Mayor Pete’ Trailer; Papa Pete Pwns Tucker; 4-Stars for Dr. Rachel Levine; JoJo Siwa’s Perfect 10s; Lynda Carter’s 8 Wonder-full Words: GOOD NEWS
  • Mel B declares she’ll ‘always be open’ when it comes to her sexuality!

    Mel B declares she’ll ‘always be open’ when it comes to her sexuality!

    Published by BANG Showbiz English Mel B will “always be open” when it comes to her sexuality. The Spice Girls singer, 48, who reunited with her bandmates including the group's ex-singer Victoria Beckham for the fashion …Read More »
  • Megan Thee Stallion being sued for ‘forcing cameraman watch her having lesbian sex!’

    Megan Thee Stallion being sued for ‘forcing cameraman watch her having lesbian sex!’

    Published by BANG Showbiz English Megan Thee Stallion is being sued for allegedly creating a hostile work environment and forcing her cameraman to watch her having lesbian sex. The 29-year-old ‘Savage' rapper faces the salacious claims …Read More »
  • Mean Girls star Jonathan Bennett recalls the moment his life ‘changed forever’

    Mean Girls star Jonathan Bennett recalls the moment his life ‘changed forever’

    Published by BANG Showbiz English Jonathan Bennett's life was “changed forever” by his role in ‘Mean Girls'. The 42-year-old actor starred as heartthrob Aaron Samuels in the 2004 cult classic – which followed Lindsay Lohan, Rachel …Read More »
  • Sir Elton John sent Lance Bass gift basket to celebrate coming out

    Sir Elton John sent Lance Bass gift basket to celebrate coming out

    Published by BANG Showbiz English Sir Elton John sent Lance Bass a gift basket after he came out as gay. The 44-year-old NSYNC star revealed the legendary singer showed his support when Lance decided to reveal …Read More »
Previous Post: « Rick Santorum: Gay Equality Creates ‘Super’ Rights
Next Post: GetEqual Protests Outside Rick Perry Prayer Event (Video) »

Primary Sidebar

Most Recent

  • Sophia Bush’s girlfriend ‘proud’ the actress has opened up about coming out as queer

    Sophia Bush’s girlfriend ‘proud’ the actress has opened up about coming out as queer

  • Mel B declares she’ll ‘always be open’ when it comes to her sexuality!

    Mel B declares she’ll ‘always be open’ when it comes to her sexuality!

  • Megan Thee Stallion being sued for ‘forcing cameraman watch her having lesbian sex!’

    Megan Thee Stallion being sued for ‘forcing cameraman watch her having lesbian sex!’

  • Mean Girls star Jonathan Bennett recalls the moment his life ‘changed forever’

    Mean Girls star Jonathan Bennett recalls the moment his life ‘changed forever’

  • Sir Elton John sent Lance Bass gift basket to celebrate coming out

    Sir Elton John sent Lance Bass gift basket to celebrate coming out

  • Relationship status influences heterosexual women’s sexual prejudice towards lesbians

    Relationship status influences heterosexual women’s sexual prejudice towards lesbians

  • JoJo Siwa had a challenge transitioning to new grown-up image

    JoJo Siwa had a challenge transitioning to new grown-up image

  • Liz Hurley defends lesbian sex scene in new movie that was directed by her son

    Liz Hurley defends lesbian sex scene in new movie that was directed by her son

Partner Links

  • OMG, new music! Macy Rodman serves us up a helping of psychosexual techno-thriller with ‘TSPG69’ video
    Charlize could NEVAH! Check out NYC punk multi-hyphenate, MACY RODMAN, with […]
  • OMG, he’s naked: Brent Bentley goes full-frontal and rear in ‘Haunt Season’
    Actor Brent Bentley clowns around and stands around fully naked in […]
  • Winner's Circle: Homo Edition
    Here's a little afternoon fun from my favorite game show as […]
  • Two Things: Jeff Stryker and Tig Notaro
     Which seems more likely?!!See all previous Two Things posts HERE.
  • OMG, WATCH: Ziwe sits down with Lizzo
    Is Ziwe the our Barbara Walters of today? Maybe. Check out […]

Most Commented

Social

Twitter @tlrd | Facebook | Instagram @tlrd

About

  • Advertise
  • Contact Us
  • About Towleroad
  • Towleroad on Social Media
  • Privacy Policy
[towleroadmr] [towleroadtn]

Footer

Ptown Hacks 2018

Read

  • Travel
  • Film
  • Law – LGBT Rights
  • Columns
  • Specials

About

  • Advertise
  • Contact Us
  • About Towleroad
  • Towleroad on Social Media
  • Privacy Policy

Copyright © 2025 · Log in

×
×