By Ilene (Guest Post)
On Friday, August 5, Standard and Poor’s downgraded U.S. debt from AAA to AA+, and assigned a negative outlook to U.S. debt. In its press release, S&P directly addressed the contentious squabbling on Capitol Hill, and the clumsy spectacle of Obama, Boehner and the upstart Tea Party faction of the Republican party wrangling over the raising of the debt ceiling, a process that had previously been routinely approved as a matter of course. Bruce Krasting asked and answered, “What to make of the move by S&P? I will tell you that I was surprised that it happened this…
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