Is this what the Republicans are after - S&P cuts US outlook

[liberal N proud]

S&P cuts US outlook to negative on fiscal worry
But ratings agency affirmed the nation's AAA credit rating

NEW YORK — Standard & Poor's Monday downgraded its credit outlook for the United States, citing a risk that policymakers may not reach agreement on a plan to slash the huge federal budget deficit.

While the credit rating agency maintained the country's top AAA credit rating, it said authorities have not made clear how they will tackle long-term fiscal pressures.

S&P said the move signals at least a one-in-three chance that it could cut its long-term rating on the United States within two years.

"Because the U.S. has, relative to its AAA peers, what we consider to be very large budget deficits and rising government indebtedness, and the path to addressing these is not clear to us, we have revised our outlook on the long-term rating to negative from stable," S&P said in a release.

The move will ratchet up the pressure on the Obama administration and Congress to come up with an aggressive long-term plan to chop a nearly $1.5 trillion deficit, equal to about 9.8 percent of output. It could push up U.S. borrowing costs and put further pressure on the dollar and the government's ability to finance the budget shortfall.

http://www.msnbc.msn.com/id/42643641/ns/business-eye_on_the_economy/

[OHdem10]

1. It is Wall ST and the Bond Agency pushing the austerity program.

Yes we must do something about our fiscal crisis but
there is still time. Wall ST and Bonds want it now.

[RUMMYisFROSTED]

2. Without austerity they may not get their next bailout. nt

[still_one]

3. yes, this is what the repukes want. They believe it will propel them to victory in 2012 /nt

[Blue Meany]

5. Also, there constituents, the top 1%, will get higher interest

on the bonds they buy from the govt., bonds that are needed because they don't pay their share of taxes.

[Angry Dragon]

4. Why no clamour when bush ran deficits??