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Govt Officials: US Expecting S&P Downgrade — Based on ‘Serious Mistake’ in Analysis* — Two government officials tell ABC News that the federal government is expecting and preparing for bond rating agency Standard & Poor's to downgrade the rating of U.S. debt from its current AAA value.
Discussion:
New York Times, Marginal Revolution, Guardian, Booman Tribune, Pajamas Media, Daily Kos, Jared Bernstein, TPMDC, The Gateway Pundit, MarketBeat, Taylor Marsh, Vox Popoli, The Daily Caller, The Raw Story, ThinkProgress, FT Alphaville, Politics, Wonkette, HotAirPundit, The Lonely Conservative, Gretawire, Donklephant, The Right Scoop and Capital Tonight
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U.S. Debt Rating in Limbo as Treasury Finds Math Mistake by S&P in Downgrade Warning — A mathematical error discovered late Friday by Treasury Department officials has thrown into limbo — at least temporarily — plans by ratings firm Standard & Poor's to downgrade the top-notch AAA credit rating …
Discussion:
Felix Salmon and FT Alphaville


S&P DOWNGRADES US AAA Rating — UPDATE: Standard & Poor's downgrade U.S. debt to ‘AA+’ from ‘AAA’ Friday night. — A source familiar with discussions between the Treasury Department and S&P claims the ratings agency's analysis was off by about $2 trillion error Friday.
Discussion:
The Political Carnival, Patterico's Pontifications and Daily Kos


United States loses AAA credit rating from S&P — (Reuters) - The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday in an unprecedented reversal of fortune for the world's largest economy. — S&P cut the long-term U.S. credit rating by one notch to AA-plus …


US Braces for Possible S&P Downgrade: Source — U.S. government officials are bracing for the rating agency Standard & Poor's to downgrade the country's credit as early as this evening or take other possible action, according to someone familiar with the matter.
Discussion:
CNN, Outside the Beltway, Politics and Questions and Observations

S&P Downgrades US To AA+, Outlook Negative - Full Text — United States of America Long-Term Rating Lowered To ‘AA+’ On Political Risks And Rising Debt Burden; Outlook Negative — We have lowered our long-term sovereign credit rating on the United States of America to ‘AA+’ from ‘AAA’ and affirmed the ‘A-1+’ short-term rating.
Discussion:
Don Surber, Doug Ross and ECHIDNE of the snakes

S&P Downgrades U.S. Debt Rating — Press Release — Standard & Poor's took the unprecedented step of downgrading the U.S. government's “AAA” sovereign credit rating Friday in a move that could send shock waves through global. The following is a press release from Standard & Poor's:
Discussion:
Erick's blog and The Raw Story

Math Error Fuels Fight Over Rating — A mathematical error discovered late Friday by Treasury Department officials threw into limbo, at least temporarily, plans by ratings firm Standard & Poor's to downgrade the top-notch AAA credit rating the U.S. has held for 70 years, people familiar with the matter said.
Discussion:
The Moderate Voice, Hot Air, JammieWearingFool and The Big Picture

US Faces Ratings Downgrade from S&P — For a couple of days, I've been hearing rumors that one reason that US stocks were plummeting was S&P's delay in issuing its ratings; supposedly, the delay was because S&P was going to downgrade us, and they wanted to wait until after Friday's market close.
Discussion:
Balloon Juice and ThinkProgress

Rick Perry's College Transcript: A Lot Of Cs and Ds … WASHINGTON — As governor of Texas, Rick Perry has pursued a controversial agenda that would gut Texas' vaunted public university system in favor of something that more closely resembles a business. — As the Washington Post reported on Thursday …
Discussion:
Hot Air, neo-neocon, The Atlantic Online, Swampland, Politics, TPMDC, Le·gal In·sur·rec· tion, Iowa Caucuses, New York Magazine, Ben Smith's Blog, Hullabaloo, Gawker and ThinkProgress
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Rick Perry's Religious Event Mired in Controversy
Discussion:
CNN, ThinkProgress and The Daily Caller


Obama's Hip-Hop BBQ Didn't Create Jobs — POLITICO EXCLUSIVE — The President's private 50th birthday bash, not listed on his public schedule: His gift to the press corps was a travel/photo lid shortly after 4 p.m., prompting what pooler Julie Mason called “general cheering in WH workspace.”
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Fox Nation: Obama's Hip-Hop BBQ Didn't Create Jobs
Discussion:
Crooks and Liars

All The Details: Inside President Obama's 50th Birthday Party At The White House
Discussion:
Top of the Ticket, Wizbang, Hot Air, The Lonely Conservative, Pundit & Pundette, The Note and Lynn Sweet

Fox Nation Reports On Obama's Birthday: 'Obama's Hip-Hop BBQ Didn't Create Jobs'
Discussion:
Washington Post and Washington Monthly

The Incredible Shrinking Tea Party — If there's one thing the debt ceiling battle revealed, it's that the Tea Party continues to enjoy outsized influence in Washington in general and over the GOP in particular. — So it's interesting to note that according to the internals of today's New York Times poll …
Discussion:
Crooks and Liars, Hullabaloo, Outside the Beltway, Alan Colmes' Liberaland, Washington Monthly and Daily Kos
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Click on the video link to see raw video of police and sheriff's deputies investigating the scene. — Did you witness the attacks outside State Fair, or were you attacked? Were you hurt? E-mail us your story! — WEST ALLIS - Witnesses tell Newsradio 620 WTMJ and TODAY'S TMJ4 of a mob …
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A Modest Proposal — Reading this... And thinking back on this, by the same writer... It occurs to me that we really need a world with more murders, more failing schools, more grocery stores with rotting vegetables, more bodegas with old milk, more teen-pregnancy, more homeless, more crack …
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Striking Change in Bedford-Stuyvesant as the White Population Soars
Discussion:
Gothamist

Why Democrats are very nervous about Wisconsin — Publicly, Democrats are projecting great confidence about the likelihood of taking back the Wisconsin state senate in the upcoming recall elections. They claim their private polling shows them ahead or tied in all six races targeting GOPers for recall …
Discussion:
Daily Kos and The Mahablog


John Kerry: Media Has “Responsibility” To “Not Give Equal Time” To Tea Party — Sen. John Kerry (D-MA) told MSNBC's “Morning Joe” on Friday that the media has the responsibility to not give equal time or credence to the Tea Party's views: SEN. JOHN KERRY: “And I have to tell you, I say this to you politely.

Video: They're still not listening to Rick Santelli — Want to see a microcosm of everything that's been wrong with American economic policy over the last couple of years? Watch this exchange between Ezra Klein and Rick Santelli from earlier today on MSNBC's Morning Joe.
Discussion:
NewsBusters.org, Pajamas Media, American Power and Verum Serum


White House has new talking points — Austan Goolsbee: Jobs! Bickering! Brrrains!!!!! — If only Congress would pass patent reform! The White House has found the guilty parties behind that dismal June jobs report — and they include failure to act on trade deals and that old Washington bugaboo: bickering.
Discussion:
Firedoglake and The Huffington Post

The Wrong Worries — In case you had any doubts, Thursday's more than 500-point plunge in the Dow Jones industrial average and the drop in interest rates to near-record lows confirmed it: The economy isn't recovering, and Washington has been worrying about the wrong things.


‘Rent is Too Damn High’ candidate facing eviction from rent-controlled apartment — The man who ran for governor because the “Rent is Too Damn High” claims he's being kicked out of his Manhattan apartment — because the rent is too damn low! — Jimmy McMillan says he pays $872.96 …


Can Obama's 2012 hopes survive 9%+ unemployment? … The consensus used to be that President Obama might be OK if the jobless rate fell below 8 percent by Election Day. That seems increasingly unlikely. The economy is, at best, in slow-growth mode, just churning and churning, creating few jobs.
Discussion:
Right Wing News, Weasel Zippers, Pajamas Media and The Right Scoop

54% Think Obama's Reelection At Least Somewhat Likely — Most voters think President Obama has a good shot at being reelected next year, even if he continues to pursue tax increases as part of any future deficit reduction plan. — Fifty-four percent (54%) of Likely U.S. Voters feel …
Discussion:
Daily Pundit

The FAA shutdown and the new rules of Washington — Congressman John Mica, the Florida Republican blamed for single-handedly shutting down the Federal Aviation Administration, sounded like a beaten man when he called me Thursday evening. — The usually biting chairman …
Discussion:
The Hill, Associated Press, ThinkProgress, The Political Carnival, Guardian, Daily Kos and Knoxville News-Sentinel


TEA PARTY EXPRESS WISCONSIN: “HUDSON, LA CROSSE” EDITION—updated — Day one of TPX Wisconsin begins with a noon rally in Hudson and then on to La Crosse at 5:30 PM. Tour embed Andrea Shea King will report in as events unfold. I will update this post with her reports, or you can check her site at The Radio Patriot.
Discussion:
The Gateway Pundit and Michelle Malkin