The United States lost its AAA credit rating from Standard & Poor's. The
S&P cut the long-term U.S. credit rating by one notch to AA-plus.
Thanks a lot President Obama!
This is the FIRST time in the 70 years of the rating that the United States has not had a AAA rating. It only took President Obama 3 years of spending like a teenager with a credit card at the mall to lose a rating we have had for 70 years.
Will President Obama be like Harry Truman and say the "buck stops here." or will he as usual blame President Bush.
The Washington Post reports:
over time, the downgrade is likely to push up borrowing costs for the U.S. government, costing taxpayers tens of billions of dollars a year. It could also drive up costs for borrowing for consumers and companies seeking mortgages, credit cards and business
loans.
On April 19 of this year, President Obama'Treasury Secretary, Tim Geithner, said there is "no risk" the U.S. will lose its top credit rating.
