GOP Scrambles To Blame S&P Downgrade On Democrats
When Standard & Poor's downgraded America's credit rating from AAA to AA+, they cited the tenuous reliability of our nation's political system. They even took the unusual step of calling out congressional Republicans for their absolute refusal to consider revenue increases as part of a debt-reduction solution. Yet the same Republicans who spent the months leading up to August 2nd playing a dangerous game of chicken with our nation's fiscal solvency are now trying to wash their hands of the outcome, deciding instead to blame President Obama and the Democrats for the downgrade. They're also arguing that the passage of a balanced budget amendment would have prevented the downgrade, even though a day after the announcement S&P Managing Director John Chambers stated without equivocation that a balanced budget amendment would hurt, not help, the government's ability to respond to the fiscal crisis.