S&P officials defend US credit downgrade

Martin Crutsinger, AP Economics Writer, On Saturday August 6, 2011, 7:14 pm EDT

WASHINGTON (AP) -- Standard & Poor's says it downgraded the U.S. government's credit rating because it believes the U.S. will keep having problems getting its finances under control.
S&P officials on Saturday defended their decision to drop the government's rating to AA+ from the top rating, AAA. The Obama administration called the move a hasty decision based on wrong calculations about the federal budget. It had tried to head off the downgrade before it was announced late Friday.

But S&P said it was the months of haggling in Congress over budget cuts that led it to downgrade the U.S. rating. The ratings agency was dissatisfied with the deal lawmakers reached last weekend. And it isn't confident that the government will do much better in the future, even as the U.S. budget deficit grows.

Bailey Comment: Anybody with any common sense would agree with these people. As long as we have the same idiots running our government it will only keep getting worst!