US Credit rating downgraded by S&P S&P Downgrades U.S. Credit Rating From AAA - FoxNews.com Knew this was going to happen just not so soon.
Basically, all that does is (potentially) increase the discount rate the fed charges for buying bonds issued by the Treasury. Meaning the price of borrowing will go up, thus increasing the cost to us for the overspending.
The Misadministration was warned of this...... So S&P had to 'spank the monkey'...... Maybe the DC Moronic Elite will listen next time, but hey, it's not like it's THEIR money.......
"They" are addicted to compromise and spending; a fantasy world where they fake a crisis, offer spending cuts over twenty years and borrow a huge amount immediately. What they have ignored is the majority who is tired of more of the same.