Saturday, August 6, 2011

Standard & Poor downgraded the U.S. government's AAA credit rating

S&P removed for the first time the triple-A rating the U.S. has held for 70 years, saying the budget deal recently brokered in Washington didn't do enough to address the gloomy outlook for America's finances. It downgraded long-term U.S. debt to AA+

The full faith and credit of the U.S. was established by Alexander Hamilton's 1790 push to have the fledgling federal government assume and pay back debts that states incurred during the Revolutionary War. It has gone largely unquestioned since.

Read More: WSJ

“Guess what else Obama inherited from Bush? A triple A credit rating! Thanks for ruining that one too champ. I'm sure that nugget won't be in any 'progressive' talking points!”- American Angle

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