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on Aug 5, 2011
According to the Associated Press, "The United States has lost its coveted top AAA credit rating. Credit rating agency Standard & Poor's on Friday downgraded the nation's rating for the first time since the U.S. won the top ranking in 1917. The move came after Congress haggled over budget cuts and the nation's borrowing limit and failed to cut enough government spending to satisfy S&P. The issue has contributed to convulsions in financial markets."
Note that it says : and failed to cut enough government spending to satisfy S&P.
Who is to blame for this? Perhaps the Democrats who dug their heels in and refused to cut spending enough to keep the credit rating?
I don't understand how a group of people cannot understand the consequences of their actions.
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