which is exactly why we should not be ok with the republicans playing with fire by letting us go past the debt limit and be ok with rolling back the bush tax cuts to have revenue close to what we are spending and ONLY do tax cuts when directly accompanied by spending cuts with a provision the tax cuts are cancelled if the revenue falls too short, that way there is an incentive to do things right.
also don't forget the republicans and their programs have been the biggest contributors to the national debt because they like to create expenses but don't like to pay for them, but then cry "foul" when a democrat tries to get someone other then the working class to chip in for their spending sprees.
Why are people still talking in Dems and Reps? They are all the same. It's time to try something new.
Here is the S&P rationale which is about what I would expect with so little a chance for deficit/debt resolution.
We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process. We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade.
Our lowering of the rating was prompted by our view on the rising public debt burden and our perception of greater policymaking uncertainty, consistent with our criteria. Nevertheless, we view the U.S. federal government's other economic, external, and monetary credit attributes, which form the basis for the sovereign rating, as broadly unchanged.