- Oct 12, 2009
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S&P stated very clearly that congress had to cut at least 4 trillion from the budget.
But they only did 2 trillion.
So the next day S&P downgraded us to a AA.
Canada did the same thing,would not do the amount of cuts needed and it took them 3 years to get their rating back after they did do the cuts needed.
But S&P also said that tax hikes should be part of a balanced approach and that the main reason they downgrraded the US was over the political fiasco that surrounded the debt ceiling debate. They don't have confidence that congress can get its act together.
No, you made this up, the S & P document is readily available. Try reading it.