The U.S. had its AAA credit rating downgraded for the first time by Standard & Poor’s on concern spending cuts agreed on by lawmakers to raise the nation’s borrowing limit won’t be enough to reduce record deficits.
S&P dropped the ranking one level to AA+, after warning on July 14 that it would reduce the rating in the absence of a “credible” plan to lower deficits even if the nation’s $14.3 trillion debt limit was lifted.
I received the news last night; it made me sick. I shake my head in disgust and disbelief at the dishonor of it all. Our brand new international embarrassment goes beyond just that, for I can only ask, what comes next? Do I even want to know?