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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:
ABCNEWS, TPMDC, The Agonist, PoliticusUSA, Politics, Guardian, Don Surber, The Gateway Pundit, Outside the Beltway, Booman Tribune, Daily Kos, The Lonely Conservative, Taylor Marsh, Pajamas Media, The Raw Story, Wonkette, Vox Popoli, HotAirPundit, The Other McCain, MarketBeat, THE ASTUTE BLOGGERS, Questions and Observations, Jared Bernstein, FT Alphaville, The Right Scoop, Gretawire, Capital Tonight and Donklephant
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Damian Paletta / Wall Street Journal:
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.
Walter Brandimarte / Reuters:
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 …
Discussion:
Michelle Malkin, ABCNEWS, Hot Air, Firedoglake, Washington Post, UPI, Dow Jones Newswires, Outside the Beltway, The Moderate Voice, Pajamas Media, The Reality-Based Community, blogs.abcnews.com, Conservatives4Palin, National Review, ThinkProgress, Daily Kos, TalkLeft, The Agonist, The Right Scoop and Hugh Hewitt's TownHall Blog
Paul Krugman:
S&P and the USA — OK, so Standard and Poors has gone ahead with the threatened downgrade. It's a strange situation. — On one hand, there is a case to be made that the madness of the right has made America a fundamentally unsound nation. And yes, it is the madness of the right …
Discussion:
HousingWire, Hullabaloo and Guardian
New York Times:
S.&P. Downgrades Debt Rating of U.S. For the First Time — WASHINGTON — Standard & Poor's removed the United States government from its list of risk-free borrowers for the first time on Friday night, a downgrade that is freighted with symbolic significance but carries few clear financial implications.
Discussion:
Washington Monthly, Swampland, JustOneMinute, New York Magazine and Online NewsHour
MarketBeat:
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:
Le·gal In·sur·rec· tion, Prairie Weather, Free exchange, NO QUARTER, The Gateway Pundit, Erick's blog and The Raw Story
Washington Post:
S&P downgrades U.S. credit rating for first time — Standard & Poor's announced Friday night that it has downgraded the United States credit rating for the first time, dealing a huge symbolic blow to the world's economic superpower in what was a sharply worded critique of the American political system.
standardandpoors.com:
United States of America Long-Term Rating Lowered To ‘AA+’ Due To Political Risks, Rising Debt Burden; Outlook Negative … TORONTO (Standard & Poor's) Aug. 5, 2011—Standard & Poor's Ratings Services said today that it lowered its long-term sovereign credit rating on the United States of America to ‘AA+’ from ‘AAA’.
Discussion:
Libertarian Republican, The Gateway Pundit, DealBook and NewsBusters.org
Wall Street Journal:
S&P Strips U.S. of Top Credit Rating — Unprecedented Downgrade Comes After Last-Minute Standoff; Treasury Says Decision Is ‘Flawed by a $2 Trillion Error’ — A cornerstone of the global financial system was shaken Friday when officials at ratings firm Standard & Poor's said U.S. Treasury debt …
Tyler Durden / zerohedge.com/fullrss2.xml:
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:
Doug Ross, Hot Air, FrumForum, Sky Dancing, Pajamas Media, Atlas Shrugs and ECHIDNE of the snakes
John Detrixhe / Bloomberg:
S&P Cuts U.S. Rating for First Time on Deficit Reduction Pact — The U.S. had its AAA credit rating downgraded for the first time by Standard & Poor's, which slammed the nation's political process and said lawmakers failed to cut spending enough to reduce record deficits.
Discussion:
naked capitalism, Discourse.net, The New Civil Rights Movement, Gothamist, The Huffington Post and Pajamas Media
Matthew Yglesias / ThinkProgress:
Boehner's Folly Leads To S&P Downgrade of US Debt — I'm no expert, but I don't think S&P downgrading its rating of US debt will, as such, have any really big practical implications other than becoming the next political football. If you look at S&P's definition of the AA rating, after all …
Discussion:
HotAirPundit
MarketBeat:
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:
Pajamas Media and FT Alphaville
Jamie Klatell / The Hill:
Reid: S&P downgrade backs Dems' call for more revenue
Reid: S&P downgrade backs Dems' call for more revenue
Discussion:
Weasel Zippers and JammieWearingFool
CNNMoney.com:
S&P downgrades U.S. credit rating
S&P downgrades U.S. credit rating
Discussion:
Zandar Versus The Stupid, CNN, The Hill and Alan Colmes' Liberaland
Steve Goldstein / MarketWatch:
U.S. triple-A debt rating cut by Standard & Poor's
Daniel Indiviglio / The Atlantic Online:
Report: S&P Preparing to Downgrade the U.S.—But Why?
Report: S&P Preparing to Downgrade the U.S.—But Why?
Discussion:
Viking Pundit
Felix Salmon:
Why the S&P downgrade was delayed
Why the S&P downgrade was delayed
Discussion:
Mother Jones, Daniel W. Drezner and Balloon Juice
Ezra Klein / Washington Post:
Five thoughts on the potential S&P downgrade
Five thoughts on the potential S&P downgrade
Discussion:
Hullabaloo and Crooks and Liars
Megan McArdle / The Atlantic Online:
US Faces Ratings Downgrade from S&P
US Faces Ratings Downgrade from S&P
Discussion:
Jared Bernstein, CNBC, CNN, Politics and Balloon Juice
Michael O'Brien / Ballot Box:
Perry's prayer gathering sets stage for national attention — Texas Gov. Rick Perry's (R) high-profile prayer gathering Saturday is set to pave the way for his possible but increasingly likely late entry into the race for the Republican presidential nomination.
Discussion:
The Note
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New York Times:
U.S. Troops Killed as Copter Shot Down in Afghanistan — KABUL, Afghanistan — Insurgents shot down a NATO Chinook helicopter during an overnight operation in eastern Afghanistan, killing at least 37 people on board, a coalition military official said on Saturday.
Discussion:
The Gateway Pundit, Washington Post, msnbc.com, The Agonist and Politics
Greg Sargent / Washington Post:
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:
Outside the Beltway, Hullabaloo, Crooks and Liars, Alan Colmes' Liberaland and Daily Kos