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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:

Without online technologies, Barack Obama would never have gotten past the primaries. Had Facebook, YouTube, texting, a 13-million name email list and a website developed by Facebook co-founder Chris Hughes been absent from his campaign, he would never have raised enough money, been seen and heard by enough people, or enlisted enough volunteers. Yet progressive hopes are faltering, not only because of Obama's compromises and mistakes and Republican intransigence, but also because far too many of his supporters have come to believe they can act exclusively through these online technologies, to the exclusion of face-to-face politics.

The most important moral and intellectual voices within a disintegrating society are slowly discredited when their nonviolent protests and calls for justice cannot alter intransigent and corrupt systems of power. The repeated acts of peaceful civil disobedience, efforts at electoral and political reform and the fight to protect the rule of law are dismissed as useless by an embittered, dispossessed and betrayed public. The demagogues and hatemongers, the purveyors of violence, easily seduce enraged and bewildered masses in the final stages of collapse with false promises of vengeance, new glory and moral renewal. And in the spiral downward the good among us are reviled as naive and ineffectual fools.