The agreement doesn't begin to curb the unsustainable debt trajectory for several years( Balanced Budget Amendment anyone?) The increasing debt will only make matters worse. They also have a problem with legislate and regulate now, we'll find the money later. The Government version of buy now and hope like hell you get a pay-raise..
If I recall they'd wanted four trillion in cuts the TEA Partiers in the House offered that.. The TEA partiers were the ones that said without major cuts now, things would only get worse, Tim Geithner, Harry Reid, John McCain and John Kerry started calling names and said bullshit, you don't know WTF you're talking about, shut up we don't need to do that Crap, .. We're the adults.. leave is alone and go play.
Yeah that worked well.. From the early spin, Obama's people are now blaming the the TEA Party meddlers and the incompetent jerks at Standard and Poors who don't understand economics, by Monday they'll have figured out a way to add Bush to the list of evil people responsible..
Is it likely the powers that be at S&P found the TEA Partiers Loud, Obnoxious and Annoying, But like most Americans, they realized DC Politicians have been spending other peoples money so long, the othe people don't have any left..
Note;; this Just came across
The administration had tried to prevent the downgrade announced late Friday by telling S&P that the agency had made a $2 trillion error in its calculations about the federal budget.
But John Chambers, managing director and chairman of S&P's sovereign ratings committee, explained to Fox News on Saturday that the downgrade was "motivated by a number of fact
"One was the political gridlock in Washington, which make us think that it's going to be difficult for elected officials to put the fiscal profile of the U.S. government on a long-term sustainable path," he said.
"And part of it was because of the fiscal path itself," he said, explaining that U.S. accounts for 75 percent of gross domestic product and will "trend up over the next decade unless we get additional fiscal measures than what we have on the table right now."
The agency was also worried that the eleventh-hour budget deal reached last weekend fell short of S&P's expectations, he said. S&P was seeking $4 trillion in over the next decade. But Congress passed a plan on Tuesday that slashes up to $2.4 trillion in cuts over that time.
Read more: http://www.foxnews.com/politics/2011/08/06/credit-ratings-agency-defends-downgrade-us-debt/#ixzz1UICKmQ4z