S&P downgraded its credit rating for US debt Friday, citing a lack of congressional leadership to find compromise on deficit reduction. Somewhat ominously, congressional leaders responded to the news with partisan shots.
S&P, one of the three major credit-rating firms, downgraded its rating for US debt Friday night – a move that has the potential to further spook global markets and drive up borrowing costs in the US. The reason for the downgrade, S&P said, was congressional dysfunction.
Texas Gov. Rick Perry, who is weigning a presidential run, is headlining 'The Response: A Call to Prayer for a Nation in Crisis.' The evangelical event could help him in GOP primaries but make voters in a general election nervous.
Selling the debt-ceiling deal to a critical mass of lawmakers is a formidable political reach. Many conservatives say the deal doesn’t go far enough, while some liberals say the richest Americans should have to pay more taxes.