At present Republicans in the Congress refuse to pass the President’s American Jobs Act either as a package or rolled out piecemeal. They continue to ignore the admonitions from Standard and Poor’s on why it downgraded our credit rating:
- We have lowered our long-term sovereign credit rating on the United States of America to ‘AA+’ from ‘AAA’ and affirmed the ‘A-1+’ short-term rating.
- We have also removed both the short- and long-term ratings from CreditWatch negative.
- The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government’s medium-term debt dynamics.
- More broadly, the downgrade reflects our view that the effectiveness, stability, and predictability of American policymaking and political institutions have weakened at a time of ongoing fiscal and economic challenges to a degree more than we envisioned when we assigned a negative outlook to the rating on April 18, 2011.
- Since then, we have changed our view of the difficulties in bridging the gulf between the political parties over fiscal policy, which makes us pessimistic about the capacity of Congress and the Administration to be able to leverage their agreement this week into a broader fiscal consolidation plan that stabilizes the government’s debt dynamics any time soon.
- The outlook on the long-term rating is negative. We could lower the long-term rating to ‘AA’ within the next two years if we see that less reduction in spending than agreed to, higher interest rates, or new fiscal pressures during the period result in a higher general government debt trajectory than we currently assume in our base case. [Standard and Poor’s]
Republicans in Congress must think that the nation is like the double-hull Titanic that couldn’t sink. And, their actions prove that they must hit that iceberg to test the theory. Democrats are more than willing to meet with Republican leaders and try to reach compromise. Sen. McConnell, Speaker Boehner and Leader Cantor are at the helm of the ship of state with the President. There is an ugly struggle for control with the Republicans insisting that Democrats yield to their demands and accept their vision. This is not the way a healthy democracy works. We are at risk of other downgrades by Republican willingness to wreck the country to achieve political advantage over Barack Obama. It is more than racism. Some think this is pure and evil hatred on their part. Certainly, God does not approve of what the Tea Party Republicans are doing. Would that they would seek His counsel. “The moving finger writes…and then moves on.”
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