Obama fail! America’s long-term credit rating downgraded to “negative” from “stable” Standard & Poor’s
Gold hit a record $1500 today on news that Standard & Poor’s has downgraded America’s long term credit rating from “stable” to negative. According to Fox Business. Standard and Poor’s downgrade of America’s long term debt means that there is at least a 33% chance that company will downgrade the country’s long-term sovereign debt below AAA. Maybe this isn’t really an Obama failure, but rather an Obama plan to hel out his buddy George Soros.
The credit-rating firm cited “very large [U.S. government] budget deficits and rising government indebtedness” in making its decision.
“We believe there is a material risk that U.S. policymakers might not reach an agreement on how to address medium and long-term budgetary challenges by 2013,” the ratings agency said in a press release.
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