On August 5th 2011 in an unprecedented move, the Standard & Poors Rating Agency lowered the Debt Rating of the United States from AAA to AA+. The lowered rating represented the first downgrade in 70 years and was preceded by numerous warnings to our government that the unprecedented Debt by the Obama Administration was crippling our economy and”..had grown increasingly skeptical that Washington policy makers would make significant progress in reducing the deficit, given the tortured talks over raising the debt ceiling.”
“S&P said the downgrade “reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics.” It also blamed the weakened “effectiveness, stability, and predictability” of U.S. policy making and political institutions at a time when challenges are mounting. ”
S&P also put the new grade on “negative outlook,” meaning the U.S. has little chance of regaining the top rating in the near term.”
Barack Hussein Obama is now jawboning Congress for even more fiscally irresponsible $Trillions in debt to satisfy his lust for a a new Socialist Order in America and this lawsuit appears to be a warning shot across the bow of S&P.
It will also serve as a warning to the other Rating Agencies not to challenge the Obama Administrations continuing black hole Debt lest they too succumb to the same fate that faces S&P .