Friday, August 05, 2011

Does this mean "Recovery Summer" is delayed? - USA Today: "S&P downgrades U.S. credit from AAA."

What are they worried about? Entitlements:
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.

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