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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, THE ASTUTE BLOGGERS, Guardian, Don Surber, The Gateway Pundit, Outside the Beltway, Daily Kos, Booman Tribune, Taylor Marsh, The Lonely Conservative, Wonkette, Pajamas Media, The Raw Story, Vox Popoli, HotAirPundit, The Other McCain, Hot Air, MarketBeat, Questions and Observations, The Political Carnival, 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.
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:
The Mahablog, Guardian, HousingWire and Hullabaloo
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, Firedoglake, Hot Air, Washington Post, UPI, Dow Jones Newswires, Pajamas Media, Outside the Beltway, The Moderate Voice, CBS News, Conservatives4Palin, The Reality-Based Community, National Review, blogs.abcnews.com, Daily Kos, ThinkProgress, TalkLeft, The Agonist, The Right Scoop and Hugh Hewitt's TownHall Blog
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, Runnin' Scared, Swampland, JustOneMinute, Online NewsHour and New York Magazine
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:
The Moderate Voice, The Atlantic Online, Libertarian Republican, The Gateway Pundit, NewsBusters.org and DealBook
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, Free exchange, Prairie Weather, NO QUARTER, The Gateway Pundit, Erick's blog and The Raw Story
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 …
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.
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:
Alan Colmes' Liberaland and HotAirPundit
Ezra Klein / Washington Post:
Standard & Poor's has been wrong before. But they're right now. — Standard Poor's decision to downgrade the United States has led to a lot of criticism of Standard Poor's. The White House called their performance, which included a miscalculation of about $2 trillion, “amateur hour.”
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, FrumForum, Sky Dancing, Hot Air, 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
Discussion:
naked capitalism, Discourse.net, The New Civil Rights Movement, Gothamist, The Huffington Post and Pajamas Media
Jamie Klatell / The Hill:
Reid: S&P downgrade backs Dems' call for more revenue
Discussion:
Weasel Zippers and JammieWearingFool
MarketBeat:
U.S. Debt Rating in Limbo as Treasury Finds Math Mistake by S&P in Downgrade Warning
Discussion:
Pajamas Media and FT Alphaville
Ezra Klein / Washington Post:
Five thoughts on the potential S&P downgrade
Discussion:
Hullabaloo and Crooks and Liars
Felix Salmon:
Why the S&P downgrade was delayed
Discussion:
Daniel W. Drezner, Mother Jones and Balloon Juice
CNNMoney.com:
S&P downgrades U.S. credit rating
Discussion:
Firedoglake, Zandar Versus The Stupid, CNN, The Hill and Alan Colmes' Liberaland
Daniel Indiviglio / The Atlantic Online:
Report: S&P Preparing to Downgrade the U.S.—But Why?
Discussion:
Viking Pundit
Megan McArdle / The Atlantic Online:
US Faces Ratings Downgrade from S&P
Discussion:
Jared Bernstein, CNBC, CNN, Politics and Balloon Juice
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 Moderate Voice, Washington Post, The Gateway Pundit, msnbc.com, americanthinker.com, The Agonist and Politics
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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Ed Morrissey / Hot Air:
Hypocrisy, irony, and the New Civility — Meet Froma Harrop, syndicated columnist and head of the National Conference of Editorial Writers, a group that has a project called Restoring Civility as a featured part of its website. Her twice-weekly column appears in more than 200 newspapers, and she also blogs at RealClearPolitics.
Discussion:
Don Surber, Froma Harrop, Popehat and AmSpecBlog
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