Tumblr Icon RSS Icon

REPORT: S&P to downgrade U.S. credit, will cite GOP refusal to raise taxes.

By Judd Legum on August 5, 2011 at 4:58 pm

"REPORT: S&P to downgrade U.S. credit, will cite GOP refusal to raise taxes."

Share:

google plus icon

ABC News reports: “A government official tells ABC News that the federal government is expecting and preparing for bond rating agency Standard & Poor’s to downgrade the rating of US debt from its current AAA value.” Among the reasons cited will be “Republicans saying that they refuse to accept any tax increases as part of a larger deal.”

Update

Multiple reports are indicating that Treasury found math errors in S&P’s assessment of the U.S.’ debt making their figures off by up to $2 trillion. The rating agency is now reconsidering the downgrade, though the move is still possible.

Tags:

‹ PREVIOUS
Black Ministers Urge Rick Perry To Denounce Divisive Rhetoric At Prayer Event

NEXT ›
Wisconsin Dem State Rep. Kicked Out Of ALEC Conference

By clicking and submitting a comment I acknowledge the ThinkProgress Privacy Policy and agree to the ThinkProgress Terms of Use. I understand that my comments are also being governed by Facebook, Yahoo, AOL, or Hotmail’s Terms of Use and Privacy Policies as applicable, which can be found here.