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10:50 PM ET, August 5, 2011

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 Top Items: 
Political Punch:
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.
RELATED:
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 …
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.
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 …
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:
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.
Politics:
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.
The Politico:
U.S. credit rating downgraded  —  Standard and Poor's on Friday downgraded the nation's top-notch triple-A credit rating, the first downgrade in U.S. history and a dramatic vote of no-confidence in the world's largest economy and its political leadership.  —  “We have lowered …
Kate Kelly / CNBC:
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.
Daniel Indiviglio / The Atlantic Online:
Report: S&P Preparing to Downgrade the U.S.—But Why?  —  The rating agency has some reasonable rationale for cutting the rating, but could politics really cause the nation to default?  —  After a mildly encouraging employment report, Washington's politics might manage to derail the U.S. economy anyway.
Discussion: Viking Pundit
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.
Paul Krugman:
S&P and the USA  —  OK, so Standard and Poors has gone ahead …
Discussion: Hullabaloo
Megan McArdle / The Atlantic Online:
US Faces Ratings Downgrade from S&P
Discussion: Balloon Juice and ThinkProgress
New York Times:
S.&P. Downgrades U.S. Long-Term Debt
Discussion: Online NewsHour and DealBook
blogs.abcnews.com:
Govt official: US expecting S&P downgrade
Discussion: Outside the Beltway and MarketBeat
CNNMoney.com:
S&P downgrades U.S. credit rating
Discussion: The Hill
Jason Cherkis / The Huffington Post:
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 …
RELATED:
The Note:
Rick Perry's Religious Event Mired in Controversy
Discussion: CNN, ThinkProgress and The Daily Caller
William Saunders / The Politico:
Rick Perry is half-right on abortion
Discussion: LifeNews.com
Leary / nation.foxnews.com:
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.”
RELATED:
Media Matters / Media Matters for America:
Fox Nation: Obama's Hip-Hop BBQ Didn't Create Jobs
Discussion: Crooks and Liars
Tanya Somanader / ThinkProgress:
Fox Nation Reports On Obama's Birthday: 'Obama's Hip-Hop BBQ Didn't Create Jobs'
Local News:
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 …
RELATED:
JSOnline:   State Patrol called in, youth policy imposed after violence at State Fair
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 …
RELATED:
Ta-Nehisi Coates / The Atlantic Online:
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 …
RELATED:
Sam Roberts / New York Times:
Striking Change in Bedford-Stuyvesant as the White Population Soars
Discussion: Gothamist
Greg Sargent / Washington Post:
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 …
RealClearPolitics Video Log:
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.
Ed Morrissey / Hot Air:
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.
Paul Krugman / New York Times:
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.
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: Mother Jones
Rasmussen Reports:
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
Mitchel Maddux / New York Post:
‘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 …
Valerie Jarrett / The Huffington Post:
Why I'm Proud to Be Part of President Obama's Team  —  Twenty years ago last month, I met a remarkable young man named Barack Obama.  Since then, I've been honored to join him along his journey, from the Illinois State Senate all the way to the Oval Office.
 
 
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 More Items: 
Julie Mason / Reuters:
White House has new talking points
THIRDWAVEDAVE:
TEA PARTY EXPRESS WISCONSIN: “HUDSON, LA CROSSE” EDITION—updated
Tyler Durden / ZeroHedge:
Average Length Of Unemployment Surges To New All Time Record 40.4 Weeks
Discussion: Don Surber and Doug Ross
Financial Times:
Italy agrees to liberalise economy
Discussion: ThinkProgress and New Atlanticist
A.Killough / CNN:
Perry to meet with GOP leaders in South Carolina
Discussion: The Page
Hugh Son / Bloomberg:
Bank of America Says Mortgage Buyback Claims May Exceed Prior Estimate
Jennifer Epstein / The Politico:
Obama ‘smarter’ than critics, says Alan Simpson
Discussion: The Spot and Weasel Zippers
 Earlier Items: 
Kathie Obradovich / Iowa Caucuses:
Santorum: Courts have created ‘super-right’ of sexual liberty
Discussion: ThinkProgress and TPMDC
Charles Krauthammer / National Review:
The Solution  —  A three-stage compromise to reduce the debt on a scale never before seen
Discussion: FrumForum
Joy Pullman / Washington Examiner:
Teachers union disavows internal memo endorsing deception of parents
Discussion: Pajamas Media and iOwnTheWorld.com
 

 
From Mediagazer:

Charlotte Tobitt / Press Gazette:
An interview with Telegraph Director of Technology Dylan Jacques on the goal of launching 12 significant uses of AI in the newsroom over 12 months

Radio Free Europe/Radio Liberty:
Apple removes RFE/RL's Svoboda app from the Russian App Store at the demand of Roskomnadzor; Apple also removed recent podcasts by Ekho Moskvy and others

Reuters:
Prince Harry's lawsuit against News Group Newspapers moves towards trial; all but one other litigant in the roughly 40 lawsuits against NGN have settled

 
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