Reuters reports: "The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday, in a dramatic reversal of fortune for the world's largest economy." The new rating is AA+.
In explaining their decision Standard & Poors cites both the decision by Republicans in Congress to turn the debt ceiling into a political football and the Republicans intransigence on tax increases. Some excerpts from the release:
With the legislative calendar starting to dwindle, lawmakers are paying more and more attention to the scheduled expiration of the Bush tax cuts at the end of the year. Republicans across the board are advocating for the extension of all the cuts, and have explicitly said that extending the cuts for the richest 2 percent of Americans (which would cost $678 billion) does not have to be paid for.
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