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08.05.2011 1

U.S. Credit Rating Downgraded

For the first time in modern history, the U.S. credit rating is less than AAA. S&P’s has downgraded the U.S. credit rating to AA+.

S&P’s specifically called out the debt plan that Congress passed and Obama signed earlier this week. According to S&P’s, the plan dos not go far enough in dealing with out of control spending and ever rising deficits.

Americans for Limited Government President Bill Wilson said the following about the downgrade:

“The reckless spending by Obama over the first two years of his presidency combined with his unwillingness to make the cuts necessary to stabilize our fiscal crisis has led to the first downgrade of U.S. debt in history. Congress needs to come back to D.C. now and finish the job they started with the debt ceiling increase by passing the cut, cap and balance legislation which would put us on a path to restore our nation’s credit rating.”

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