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Debt Crisis Curation

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The end of July marked one of the most contentious congressional battles since Congress passed the healthcare reform bill in 2009.  Tea Party and Republican members of Congress wanted deep cuts in spending without raising taxes while Democrats insisted on smaller cuts while boosting revenues by raising some taxes to offset the difference.

The two parties engaged in a fiscal game of chicken that ended at the last possible minute with President Obama signing a compromise bill into law the same day the Senate approved it.
Unfortunately, the dysfunctions of Congress highlighted by this debate caused uproar with the average citizens, leading many to blame one or both parties for the fallout.
The Republicans got blame for not moving on their requirements.
R’s told us economy would bounce back once debt deal signed. But now biggest sell-off on Wall Street since 2008.
RBReich
August 5, 2011
Way to go GOP! S&P downgrades US debt from AAA+ to AA+ 1st time in history! This the 2% @SpeakerBoehner ? Now you going to fix toxicity?
UKProgressive
August 6, 2011
Republican craziness means that our debt is no longer a safe bet. #whattheyreallymean
Johngcole
August 6, 2011
Mitt Romney hiding from the debt ceiling debate, then comments after it’s over? Boy what a stiff shirt, Good Ole Boy Republican!
IDCNews
August 7, 2011
Blame #Obama for Republican holdouts during debt ceiling talks? In order to be a good leader, you need people who are willing to be lead.
jlanedeconti
August 7, 2011
What would have happened if we had a republican president during the debt ceiling crisis. Answer: (default)
bossman000
August 7, 2011
#GOP Mitch McConnell sed of Debt Ceiling “It’s a Hostage That’s Worth Ransoming” http://bit.ly/qUr9pe That’s TERRORIST Talk @DennisPrager
Truthbuster
August 7, 2011
POLITICS – 22 Republican freshmen who were elected last year are responsible for all the debt and the downgrade! http://bit.ly/rgzNMu #tcot
aheram
August 7, 2011
The Democrats received blame for not going far enough or bending to Republican demands.
I’ve always been a democrat & som1 asked me on my stand on the US debt ceiling issue. For once, I’m with the #republicans CUT spending!
nutbackbanana
August 4, 2011
The ratings agency TOLD us to trim at least $4 Trillion in debt. But NO, Democrats refused. Way to go, Dems! #tcot #p2
diggrbiii
August 6, 2011
Big lie in the Democrat media is the drop in rating was caused by “tea party holding the Debt Ceiling bill hostage” #YouLie just like Obama
riley1999
August 7, 2011
RT @lindacaseauthor so disappointed in Obama. acts like a Republican or at best, a wimpy conservative Democrat. Debt ceiling is disgrace #p2
AngryVoters
August 7, 2011
Why was the US credit rating downgraded? Well lets see, the S&P was looking for 4 Trillion in cuts in the recent debt deal. The White house and the Dems fought like crazy for lower cuts! Why would the tea party and the Republicans be at fault? They wanted the cuts!! Good old democrats spend, spend and spend.
Elizabeth Pagano
August 8, 2011
Let me get this straight the Democrats have had control of Congress since 2007 and when S & P downgrades the US credit rating because of our out of control debt they blame the Tea Party who has been in office for 7 months! Anyone who repeats this crap about the Tea Party being at fault do us all a favor and smack them in the grill.
Don Mastronardi
August 8, 2011
Thank you, Democrats. — NEW YORK (AP) — The U.S. stock market joined a sell-off around the world Monday in the first trading since Standard & Poor’s downgraded American debt and gave investors another reason to be anxious.The Dow Jones industrial average fell more than 250 points minutes after the opening bell on Wall Street. It recovered some of those losses, then fell again and was down 295 points in mid-morning trading.
Bob Phelps
August 8, 2011
The problem for Democrats is that they are completely vested into President Obama”s failed policies and poised to go down with their captain and his sinking ship. Since taking office going on 3 years now, President Obama has driven the U.S. economy further into unprecedented levels of debt.. the most proximate reason why the nation”s credit rating was downgraded.
Bob South
August 8, 2011
Many also blame both parties and the increasing partisanship that drives many of the recent congressional battles.
The US debt ceiling gets raised whenever they need more debt: in what way is that a ceiling?
iamleeg
August 2, 2011
US debt downgraded for first time in history-thanks congress! Oh wait you will hear about it when u get back from ur 5WEEK VACATION!!!!
JCLayfield
August 6, 2011
Amazing… Businesses are responding in a negative way toward US raising the debt ceiling and having essentially no plan to cut the deficit. “Change, we can believe in” and “Leading from the back” = NOT WORKING. Republicans and Democrats should just exit stage right.
Beau Jimmerson
August 8, 2011
Republicans = insaneDemocrats = no balls, no strategy, no convictionsObama negotiates with Republicans like a leaf negotiates with a breeze. Thanks, big guy. Really did us a solid on this debt ceiling capitulation.
Jared McClelland
August 8, 2011
Instead of finding solutions to the U.S. debt, congress is just pointing fingers back and forth. It’s the Democrats’ fault. It’s the Republicans’ fault. It’s the Tea Party’s fault. It’s the Bush policies. If blaming was going to solve the problem, we’d have a surplus instead of a deficit and the creditors would still have us at a top rated credit score instead of downgrading us. Politics as usual. SMH
Alphonso Superfly Williams
August 8, 2011
I am sure that the US will now lose more money, due to lowered credit rating & increased cost of borrowing, then we’d have saved on the argued debt reduction.”Its their fault” — Democrats”Its their fault” — Repulicans*sigh*
Joe Judge
August 8, 2011
“Witnessing the Republicans and the Democrats bicker over the U.S. debt is analogous to watching two drunks argue over a bar bill on the Titanic.” (copied)
Mona McFrancis Desselle
August 8, 2011
S&P’s decision to downgrade US credit from AAA status to AA+ status has met with skepticism among many that question their reasons for the downgrade.  Some people question the $2 trillion error while other people question other mistakes in S&P’s past.
S&P has downgraded US from AAA to AA+. So happy we tied long term deficit reduction to the debt ceiling
DKThomp
August 6, 2011
So S&P has downgraded US credit after all, even though sums on which it originally based decision contained $2 trillion debt overestimate.
afneil
August 6, 2011
Is Standard and Poor”s Manipulating US Debt Rating to Escape Liability for the Mortgage Crisis? This is why I don’t trust these agencies.
gchahal
August 6, 2011
S&P doesn’t downgrade MBS debt in 2008 but they downgrade the US now. Serious IQ issues over there
John Fegan
August 8, 2011
Though Congress was finally able to pass a debt ceiling deal before the US defaulted, S&P’s downgrade of US credit from AAA to AA+ status will have resounding effects on the country and economy for some time as the implications ripple down.

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Written by Christopher Siler

2011/08/08 at 22:05

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