BTW, with 98% of Texas now suffering under what the weather people call “extreme” drought, it doesn’t appear that our Governor’s prayers for rain received an affirmative response. I would not hold out a lot of hope for his prayers for money.
As you know, Standard and Poor’s took it upon themselves this past Friday to lower the credit rating of the United States of America from AAA to AA+. Today, President Obama addressed the situation from the State Dining Room in the White House…
The fact is, we didn’t need a rating agency to tell us that we need a balanced, long-term approach to deficit reduction. That was true last week. That was true last year. That was true the day I took office. And we didn’t need a rating agency to tell us that the gridlock in Washington over the last several months has not been constructive, to say the least. We knew from the outset that a prolonged debate over the debt ceiling — a debate where the threat of default was used as a bargaining chip — could do enormous damage to our economy and the world’s. That threat, coming after a string of economic disruptions in Europe, Japan and the Middle East, has now roiled the markets and dampened consumer confidence and slowed the pace of recovery.
He could/should have added “just as the Republicans intended.”
Full transcript follows the break.