Hill: S&P credit rating analysis values spending cuts more than tax revenue As long as the Left has majority control and refuses to put all entitlements on the table, even PapaObama Care, this will not happen. The decision by Standard & Poor's to downgrade the U.S. credit rating to "AA+" at once laments the possibility that cuts to entitlement programs will not materialize and the decreasing likelihood of new tax revenues. But it appears to give more weight to the need for more spending cuts, as it warns that a further credit rating downgrade is in the cards if the U.S. does not trim spending. In contrast, while the report indicates that new tax revenues would help mitigate the debt crisis, failing to find these revenues does not immediately put the U.S. at risk of another downgrade. Specifically, the report warns directly that a further downgrade to "AA" status could occur within the next two years if there is "less reduction in spending"