USA Credit Rating dropped a notch by S&P

Credit rating agency Standard & Poor’s on Friday downgraded the nation’s rating for the first time since the U.S. won the top ranking in 1917. The move came after Congress haggled over budget cuts and the nation’s borrowing limit — and failed to cut enough government spending to satisfy S&P. The issue has contributed to convulsions in financial markets.

The drop in the rating by one notch to AA-plus was expected. The three main credit agencies, which also include Moody’s Investor Service and Fitch, had warned during the budget fight that if Congress did not cut spending far enough, the country faced a downgrade. S&P said that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country’s debt situation. Moody’s said Friday it was keeping its AAA rating on the nation’s debt, but that it might still lower it.

This in and of itself bothers us to some degree insofar as it indicates main-stream media bias. Essentially, putting all of the blame on the Congress is irrational and jaded. Just to make sure we all know who the players are in this scheme of arrangement are let’s single them out.

Because Congress identies both houses – the Senate and the House of Representatives – although most in this country will only think of one house as “the Congress.”

Unfortunately for the House of Representatives they are being blasted as the bad guys.

Another very important issue to know is how a bill becomes law – and just who is involved in that process. Yes! Of course, the Senate is involved and so is the President. And although one wouldn’t be able to perceive it, there is supposed to be separation between these various entities.

Most of us already know that the House, who by far landed the most conservative of voters didn’t stop and deal. In fact, I can’t remember a time when the House worked so hard to get something established only to be shot down by Harry Reid’s (D-NV) democrat cronies and whenever the conservatives got past the Senate, then there was “Mr. I do no wrong” Obama not agreeing to anything that remotely took away his portion of the checkbook.

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