For those conservatives trying to pretend that this was not the GOP's fault:
"We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process.... We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act." -- Standard & Poor
And if the Bush tax cuts don't come to an end, things will be worse:
"In addition, it incorporates $950 billion of new revenues on the assumption that the 2001 and
2003 tax cuts for high earners lapse from 2013 onwards, as the Administration is advocating." -- Standard & Poor
Curious that the only party mentioned by name in the report is the Republican party. Oh, but I forgot; curiosity is not a conservative quality.
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