Obama government lawful Credit rating agenc

"The markets are frightened and the credit downgrade has happened because the premier and this Congress continue to address the omens and not the ailment," he said in a statement.




CNN's John King and Dan Lothian contributed to this report.
"The downgrade reflects our attitude that the financial coalition plan that Congress and the administration recently agreed to falls short of what, in our view, would be needful to stabilize the government's medium-term debt dynamics," the agency said.

"This makes the work of the joint committee all the more major, and shows why leaders ought designate members who will approach the committee's work with an open mind -- instead of hardliners who have already ruled out the balanced approach that the markets and rating agencies like S&P are claiming," Reid said.


Chambers said the slowness at raising the debt ceiling and the political infighting led to the move. In announcing the downgrade, S&P cited "political risks, rising debt burden; landscape negative."
"The president should demand that Secretary Geithner resign and immediately replace him with something who will aid Washington focus on balancing our ration and allowing the private sector to create jobs," DeMint said in a statement.
It was a emotion reverberated by numerous, who took to social media sites Facebook and Twitter to communicate about the publish.
Chambers, whatsoever, told CNN that "there's abundance of blame to go around," calling it "a problem that has been a long time in the production well over this administration and the prior administration."
Mitt Romney, the former ruler of Massachusetts and also a GOP presidential contender, called the downgrade "a deeply troubling indicator of our country's ebb below President Obama."
"This is a facts-be-damned decision," the official said. "Their analysis was direction off, but they wouldn't budge."
S&P has not spelled out what the United States has to do to regain its AAA rating, sources said.


Other sources versed with the S&P stuff called the move political and said the decision was rushed out too fast.

In July, S&P placed the United States' rating above "CreditWatch with negative implications" for the debt ceiling discussion devolved into partisan bickering.
John Chambers, pate of king ratings for S&P ######## Oakley Sunglasses, admitted there was an error in a CNN interview Friday night, saying "we coincide with the Treasury's location on this and our figures reflect that."
Rich Tucker, 36, of Charlotte Cheap Oakley Sunglasses, North Carolina, used humor to get his point cross, tweeting that Standard and Poor's had also just downgraded the Beatles to the Monkeys.
The agency admitted the error, yet said it was sticking with its decision to lower the U.S. rating from a altitude score of AAA to AA+.

"The spending binge has resulted in job-destroying economy uncertainty and immediately threatens to bring destructive ripple effects across our credit markets," Boehner said in a statement.



U.S. Treasury officials received S&P's thinking Friday p.m. and alerted the agency to the error, said the administration official, who was no authorized to talk for attribution.


"A decree flawed by a $2 trillion error speaks for itself," a Treasury Department spokesperson said.
To shirk a downgrade, S&P said the United States needed to not only heave the debt ceiling, but also amplify a "credible" plan to tackle the nation's long-term debt.

On the Democrats' side, Senate Majority Leader Harry Reid tensioned "the absence because a poised approximate to shortage reduction that combines costing slits with revenue-raising measures favor closing taxpayer-funded giveaways to billionaires, fuel companies and corporate jet employers."


However, Chambers said "it's going to take a when to get back to AAA." Walker, who served as comptroller general from 1998 to 2008, said he wasn't "altogether surprised" by the downgrade, saying S&P in April "made it quite explicit that they were seeing for at fewest a $4 trillion reduction in the projected deficit over the next 10 years.




"Not truly a surprise the credit rating was lowered. Both parties performed like babies. Compromise is like using a water gun to put out fire," tweeted Michael Ross, who uses the Twitter knob MWRoss.
Former Utah Gov. Jon Huntsman said the downgrade was due to "out-of-control spending and a lack of mastery in Washington"-- a sentiment echoed by several GOP lawmakers, including House Speaker John Boehner.
But he too said the peccadillo "doesn't make a substance difference -- it doesn't alteration the truth namely your debt-to-GDP ratio ... ambition persist apt heave over the afterward ten-year," he told "AC360."
Later, Tucker told CNN that he trusted "there is almost no 1 who isn't to reprove for where we are." "We are always in this situation as a nation attach, and we are going to all have to martyrdom to get out of it Discount Oakley Sunglasses," Tucker said.

"OK, done with the S&P downgrade jokes ... really sucks that we are here ... we all need to sacrifice to get out of this aperture," Tucker tweeted.

The White House is now in wait-and-see mode -- hoping the decision and the S&P analysis face outside scrutiny, the official said.


Within hours of S&P's move, both parties were playing the blame game. Former Sen. Rick Santorum of Pennsylvania, who is among a field of Republican contenders for the 2012 presidential designation, attributed the downgrade to a lack of leadership.

The immediate implication of the downgrade was nameless. "Only time's working to acquaint how we're going to be affected," sometime U.S. Comptroller General David Walker told CNN's Anderson Cooper. "Interest rates that influence the U.S. government ultimately can ripple throughout the economy, which is not agreeable newspaper given our feeble economic condition yet."

(CNN) -- A senior Obama administration official is phoning Standard & Poor's shake to downgrade U.S. honor "a facts-be-damned determination," mentioning the rating agency acknowledged to one error that expanded U.S. deficits by $2 trillion.

South Carolina GOP Sen. Jim DeMint, meanwhile, called on Obama to replace Treasury Secretary Timothy Geithner swiftly.
A special joint council of Congress will suggest beyond deficit reduction treads totaling $1.5 trillion alternatively extra Oakley Sunglasses outlet, with Congress obligated to ballot on the panel's propositions by the end of the year.