S&P's decision last Friday to downgrade the U.S.'s rating to AA+ is indicative of America's general decline under President Obama.
No-one will argue that Obama didn't inherit an ugly economy. And few will argue that the spending that's been created over the decades is anything but a bipartisan catastrophe. But only one side was even making a token effort to reduce the deficit during the debt ceiling debate. Only one side proposed a plan which would have met S&P's $4 trillion deficit reduction requirement.
Obama and Democrats have been ignoring reality.
As recently as four months ago "Treasury Secretary Tim Geithner said Tuesday there is "no risk" the U.S. will lose its top credit rating." Early on the president was asking for a "clean" debt ceiling bill with no spending reductions at all, an idea that Democrats brought back in the days before a final agreement. And throughout the debt ceiling debate--on which some Republicans tried to hold the line by demanding real cuts or a balanced budget amendment--we were told by the president that "If we don't do that, if we don't come to an agreement, we could lose our country's triple-A credit rating."
And now that S&P has downgraded the United States, the administration is whining:
That is why the President pushed for a grand bargain that would include all of these elements and require compromise and cooperation from all sides. Over the coming weeks the President will strongly encourage the bipartisan fiscal committee as well as all members of Congress to put our common commitment to a stronger recovery and a sounder long-term fiscal path above our political and ideological differences.
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