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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."


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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.”


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.


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