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Daily Archives: August 8, 2011

A so-called ObamaDem-dubbed “tea party downgrade” would have occurred before, not after, the debt ceiling was raised.

Standard & Poors cites “weakened effectiveness, stability, and predictability of American policy-making and political institutions” as reason for historic downgrade of America’s credit rating.

The credit downgrade did not occur when tea partier Republican congressmen made known their preference for not raising the debt ceiling. The downgrade did not occur when the House passed Cut, Cap and Balance and Boehner I.

The tea partiers favored $4T in spending cuts. S&P stated before the final compromise bill was signed by President Barack Obama, that a bill cutting at least $4T would prevent a downgrade. The bill signed by President Barack Obama didn’t come close to meeting tea partier and S&P demands.

No, the downgrade occurred after the passage of a bill opposed by many tea partiers.

So, are we to believe the description of the S&P downgrade by Obama adviser David Axelrod and Senator John Kerry as precipitated by tea partiers? Upon what basis? Was it the tea partiers that promised default on two different dates, months apart, during which time there was and would always have been more than six times the cash on hand in the U.S. Treasury needed to pay bondholders and thus prevent default?

 

Of course not.

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