House Speaker John Boehner famously said that he thought the Republicans got 98% of what they wanted in the debt ceiling agreement, crappy as it was. Then, late Friday, Standard & Poor’s announced they had downgraded the U.S. government’s previously unsullied credit rating. God forbid Republicans had gotten 100%, eh?
Ben Hoffman urges us to read the Standard and Poor’s report on why the rating company downgraded U.S. credit.
by Ben Hoffman
Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.
Obama should have let the Bush tax cuts expire last year, which would have dramatically reduced our deficit. The Republicans held the unemployed hostage and Obama negotiated a bad deal with the domestic terrorists.
Is there more in that report we should read before we get the torches, tar and feathers to meet with our Republican representatives in August town meetings? Would they get the message with polite questions?