S&P downgrades US credit rating

Thank you Arlington Heights Tea Party for the following update.

News from The Hill:

S&P downgrades US credit rating

By Peter Schroeder

The United States has suffered the first downgrade to its credit rating in history, as Standard & Poor’s has reduced the nation’s rating from AAA  to AA+.

The credit rating firm said the recent plan to raise the debt limit  while reducing the debt “falls short” of its expectations, but also
offered broader condemnations of America’s political process.

“The political brinksmanship of recent months highlights what we  see as America’s governance and policymaking becoming less stable, less  effective, and less predictable than what we previously believed,” the  firm wrote in its announcement. “The statutory debt ceiling and the threat  of default have become political bargaining chips in the debate over fiscal  policy. Despite this year’s wide-ranging debate, in our view, the differences  between political parties have proven to be extraordinarily difficult to
bridge.”

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Warren Buffett tells FBN’s Liz Claman that S&P’s downgrade of  the US’s credit rating “doesn’t make sense” and will not prompt him  to sell Berkshire Hathaway’s large holdings in Treasuries.

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