http://www.rawstory.com/rs/2011/08/07/sp-head-agency-may-downgrade-...

 

The head of Standard & Poor's sovereign ratings said Sunday that the agency may downgrade the U.S. again.

"Given the economic and political situation in the U.S., which will we see, an upgrading back to AAA or further downgrades?" Fox News' Chris Wallace asked David Beers.

"We have a negative outlook on the rating and that means we think that the risk currently for the rating are to the downside," Beers said.

While explaining what the U.S. could do to get its AAA rating back, the S&P official mentioned entitlement cuts but ignored the agency's call to raise revenues.

"Does any compromise have to have entitlement reform and revenue increases to be credible?" Wallace wondered.

"The key thing is, yes, entitlement reform is important because entitlement is the biggest -- are the biggest component of spending and they are the part of spending where the cost pressures are greatest," Beers replied.

"The White House as you know is not happy with this decision and they have accused S&P of amateurism. They went through your numbers and found a $2 trillion overstatement of what the debt would be and when they pointed that out to you, you simply changed the rational and continued to downgrade the debt," Wallace noted.

 

"That is a complete misrepresentation of what happened," Beers claimed. "Here we are talking about highly technical assumptions about projecting budget base lines far in the future. We made the motifications that we did after a conversation with the Treasury, it doesn't change the fact that in our estimation, that even with the agreement of Congress and the administration this past week, that the underlying debt burden of the U.S. government is rising and will continue to rise, most likely, over the next decade."

"The haste with which S&P changed its principal rationale for action when presented with this error raise[s] fundamental questions about the credibility and integrity of S&P's ratings action," Treasury assistant secretary for economic policy John Bellows wrote last week.

White House chief economic adviser Gene Sperling added that S&P's actions "smacked of an institution starting with a conclusion and shaping any arguments to fit it."

"The magnitude of their error combined with their willingness to simply change on the spot their lead rationale in their press release once the error was pointed out was breathtaking," he said.

Beers told Wallace that he did not expect "that much impact" from the downgrade when the global markets open on Monday.

Views: 44

Reply to This

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Sandy posted a video
4 hours ago
John Miller replied to MAC's discussion BREAKING! UFO whistleblowers drop BOMBSHELL on D.C. | Redacted with Natali and Clayton Morris
"Yes, the whole whistleblower situation is getting more intense, especially with all these bombshell…"
11 hours ago
Doc Vega posted a blog post

Silent and Blue

Thought I'd lost myself todayThe meaning seemed so far awayThen you slowly faded into disarrayI…See More
12 hours ago
Burbia posted a video

Disturbing Videos That Left Me Needing Answers!

#disturbing #video #strange #scary #scaryvideos #strangevideos This is a compilation of the most disturbing videos on the intern...
yesterday
Erica Woodward is now a member of 12160 Social Network
yesterday
rlionhearted_3 posted photos
yesterday
Less Prone commented on rlionhearted_3's photo
Thumbnail

I’m thinking a great model for a bra ad?

"Gravitation, the ultimate enemy of breasts. A bra is recommended. "
yesterday
Burbia's blog post was featured

The Noticing Continues

American woman says “I’ve had enough” of the white hate pushed on the populationQ“We're the only…See More
yesterday
Less Prone favorited Burbia's blog post The Noticing Continues
yesterday
FREEDOMROX's 2 blog posts were featured
yesterday
Doc Vega's 4 blog posts were featured
yesterday
Doc Vega commented on Doc Vega's blog post Now You Have a Shit Hole Regime Thanks to the Democrats!
"cheeki kea Thank you very much for the useful information! I will distribute this as much as…"
Monday
tjdavis posted videos
Monday
cheeki kea commented on FREEDOMROX's blog post MRNA VACCINES: Question
" Hi there FREEDOMROX it's an interesting and important question you pose. We are all…"
Monday
cheeki kea commented on Doc Vega's blog post Now You Have a Shit Hole Regime Thanks to the Democrats!
"The Leftwing Warfare Apparatus comes at us from many directions. Any place, any time, but for…"
Monday
Doc Vega posted a blog post
Sunday
Doc Vega posted blog posts
Saturday
rlionhearted_3 posted photos
Friday
FREEDOMROX posted a blog post

MRNA VACCINES: Question

Hello my fellow sojourners,I know it has been five years since the Plandemic, but one question has…See More
Friday
Doc Vega posted a blog post

You Want Proof of who is actively fundng and organizing the Urban Insurrection Now in America?

I've said it all along that these so-called protests were not some fluke or grassroots movement…See More
Jun 12

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted