At least the markets will have the entire weekend to debate the effect this will have on the economy instead of panic selling the entire week:
- Credit rating agency Standard & Poor’s on Friday downgraded the United States’ credit rating for the first time in the history of the ratings.
The credit rating agency said that it is cutting America’s top AAA rating by one notch to AA-plus. The credit agency said that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country’s debt situation.
A source familiar with the discussions said that the Obama administration feels the S&P’s analysis contained “deep and fundamental flaws.”
The "deep and fundamental flaws" would actually be the 2008 election. In any event, this is going to cost taxpayers boatloads of money. Remember, hope and change.