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April 21, 2011
Obama Officials Tried to Convince S&P Not to Issue Credit Warning ~ High Crimes and Misdemeanors From Obama
S&P ignored the pressure from the Obama White House and issued the warning anyway.
Obama Officials Tried to Convince Standard & Poor's Not to Issue Credit Warning
Even though the White House has publicly downplayed the credit warning issued Monday from a leading agency, Obama administration officials were privately trying in recent weeks to convince Standard & Poor's not to lower its outlook for U.S. debt from "stable" to "negative," Fox News has confirmed.
But after a series of meetings between the Treasury Department and S&P, the ratings agency ignored the pressure and told administration officials late Friday that the U.S. government was at risk of losing its sterling credit rating, a senior administration official told Fox News.
The Washington Post first reported on the private meetings in which Treasury officials argued to S&P analysts that a ratings change was unnecessary because the nation's $14.3 trillion debt was under control and the administration had a feasible plan in the offing. Treasury officials also contended to S&P analysts that they were overlooking the ability of U.S. lawmakers to reach a compromise to tame deficits.
But the argument failed. The agency based its assessment on the sentiment that a budget agreement addressing the country's long-term deficit and debt problem might not be reached until after the 2012 election.
The White House has been on the defensive ever since. Treasury Secretary Tim Geithner, in an interview with Fox Business Network Tuesday morning, said there is no risk the country will lose its AAA credit rating
Wild Thing's comment..........
“Treasury officials argued to S&P analysts that a ratings change was unnecessary because the nation’s $14.3 trillion debt was under control and the administration had a feasible plan in the offing.”.
This is unbelievable!....Trying to stack the deck for Obama!....When will this catastrophic disaster be gone?
Posted by Wild Thing at April 21, 2011 03:55 AM
Comments
hat -tip to the s&p for not falling to team obama's "we have it under control" budget plan. this certainly will set the tone for congress's inaction on the federal budget. the budget must not exceed 440 billion dollar deficit by jan. 2013 or risk a lower credit rating .
Posted by: latitude38 at April 21, 2011 08:51 AM
More important will congress raise the debt ceiling. If they do they may as well go home. This will accomplish nothing excetp give obama a free hand in spending what he wants. The Deficit each of the previous 3 years this year included have exceeded 1 trillion dollars, this years deficit is expected to exceed 1.6 Trillion. That is the money they borrow. This isn't even considering the 14.3 Trillion dollare debt.
Posted by: Mark at April 21, 2011 09:02 AM
Let's hope that picture is a prophecy of things to come.
Posted by: BobF at April 21, 2011 09:32 AM
A lower credit rating would not be that bad a deal. It might wake up some politicians and the public to the fact that we can't continue pouring money down ratholes like "cash for clunkers" and bank bailouts.
Posted by: TomR, armed in Texas at April 21, 2011 11:27 AM
They're spending us into socialism. In my opinion, the S & P is a year late with this forecast. Are these the same jackasses that rated the sub-prime mortgage bundles as AAA?
This country is broke. The tank is empty and we've maxed out our Chevron card.
Posted by: Jim at April 21, 2011 01:21 PM
I've decided that investing in rope for all of the hangings would be far to expensive and wasteful. Now if we used guillotines to dispatch these evil traitors, it could be done more efficently (no carbon footprints) and basket(for their fat heads) weavers could make a ton of money.
Posted by: Eddie (Enemy of the State) at April 21, 2011 03:43 PM
With 14.3 trillion dollars in debt we are restricted in what we can do. For example if the interest that the Government pays on bonds rises to 4.8% then then the existing debt will take all taxes collected just to service it.
Eddie:
Rope is a renewable resource. There is no need to hang these miscreants with a new rope and making a spectacle of it is too French. I think we have enough bullets to go around for firing squads. That maybe the only satisfaction people ever get so sell lottery tickets for the squads. If we run out of bullets then we hang them. As for when it will be over, best guess is 2045 at the earliest. The damage is enormous very much on the scale of a second Civil War.
Posted by: Avitar at April 21, 2011 05:39 PM
You all are so awesome, thank you so much for your input.
Posted by: Wild Thing at April 22, 2011 01:07 AM
