S&P downgrades U.S. credit rating for first time
Standard & Poor’s announced Friday night that it has downgraded the U.S. credit rating for the first time, dealing a symbolic blow to the world’s economic superpower in what was a sharply worded critique of the American political system.Lowering the nation’s rating to one notch below AAA, the credit rating company said “political brinkmanship” in the debate over the debt had made the U.S. government’s ability to manage its finances “less stable, less effective and less predictable.” It said the bipartisan agreement reached this week to find at least $2.1 trillion in budget savings “fell short” of what was necessary to tame the nation’s debt over time and predicted that leaders would not be likely to achieve more savings in the future.“It’s always possible the rating will come back, but we don’t think it’s coming back anytime soon,” said David Beers, head of S&P’s government debt rating unit.
Read the rest here: S&P downgrades U.S. credit rating for first time – The Washington Post.
MR. CAPS 
Mistercaps,
Obama’s apologists make much of the fact that S&P did a lousy job rating the toxic assets that crashed the economy . Well the big 3 rating agencies are not the only game in town . Egan-Jones , lesser known, but without the toxic asset history ( as far as I can determine ), downgraded the US in July .