Obama Officials Failed At Convincing Standard and Poors Where Not Bankrupt
Even as the national debt hits record levels Obama and his fellow Democrats continue to act like there’s no problem. There is so much waste, fraud and redundancy in the federal budget it’s mind-numbing that these idiots can’t find a few dollars to cut. Obama and his fellow Democrats are so tied to liberal big government special interested they are incapable of addressing the problem. Entire agencies should be axed, the Dept of Education is a prime example. Every City,County and State has dept’s of education why in hell do we need another layer of meddling burreaucrats? Another waste of taxpayer money is H.U.D, this program is so riddled with fraud it’s unfixable. HUD housing units are nothing but tax shelters for slum lords, and guess who most of these slum lords are, fat cat supporters of the Democrats.
The media is giving little attention to this Standard and Poors downgrade but this is a big deal, it’s basically saying where close to becoming deadbeats unable to pay our bills. If major corrections are not taken soon we will start too see major effects on our economy. The Obama administration has proposed almost nothing rationale and has failed to even support the findings of his own debt commission. And to be honest I don’t have much faith in the GOP either. Until we clamp down on lobbyist and special interest I see little hope that meaningfull reform will be enacted. Another needed change is term limits, the current system allows long serving Senate and Congressmen to build powerfull kingdom’s where they have major impact on what is spent and who gets to spend it. These guys have been in Washington so long they lose touch with how the average American struggles to get by. There are hundreds of billions of dollars that could be slashed with little or no effect on the average taxpayer.
Even though the White House has publicly downplayed the credit warning issued Monday from a leading agency, Obama administration officials were privately trying in recent weeks to convince Standard & Poor’s not to lower its outlook for U.S. debt from “stable” to “negative,” Fox News has confirmed.
But after a series of meetings between the Treasury Department and S&P, the ratings agency ignored the pressure and told administration officials late Friday that the U.S. government was at risk of losing its sterling credit rating, a senior administration official told Fox News.
The Washington Post first reported on the private meetings in which Treasury officials argued to S&P analysts that a ratings change was unnecessary because the nation’s $14.3 trillion debt was under control and the administration had a feasible plan in the offing. Treasury officials also contended to S&P analysts that they were overlooking the ability of U.S. lawmakers to reach a compromise to tame deficits.
But the argument failed. The agency based its assessment on the sentiment that a budget agreement addressing the country’s long-term deficit and debt problem might not be reached until after the 2012 election.
The White House has been on the defensive ever since. Treasury Secretary Tim Geithner, in an interview with Fox Business Network Tuesday morning, said there is no risk the country will lose its AAA credit rating.
White House chief spokesman Jay Carney said Monday that the political atmosphere for consensus is better than S&P predicts.
“We think that the political process will outperform S&P expectations,” Carey said, adding that both parties agree on a long-term deficit-reduction target of about $4 trillion — is looking to achieve that in 12 years, while Republicans are shooting for a little bit more than that in 10 years — and that they can find common ground on how to reach it.
Republicans, though, do not appear to share that optimism, absent an agreement that ties big spending cuts to a looming vote on whether to raise the country’s $14.3 trillion debt ceiling. The White House does not want the debt-ceiling vote contingent on a spending agreement, but Republicans are pushing to link the two.