Hereford and Deaf Smith County, Texas, the beef capitol of the known universe, or so they say….
@RepHartzler Rep. Vicky Hartzler
S&P’s decision to downgrade our credit rating is no surprise: the debt ceiling package wasn’t big enough–one reason I voted ‘no’. 21 hours ago
So much for having experience in agriculture.
From Standard and Poor’s:
….The political brinksmanship of recent months highlights what we see as America’s governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy. Despite this year’s wide-ranging debate, in our view, the differences between political parties have proven to be extraordinarily difficult to bridge, and, as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently. Republicans and Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating to the Select Committee decisions on more comprehensive measures. It appears that for now, new revenues have dropped down on the menu of policy options….
Dow tumbles 634 points on recession fears
The sell-off comes in reaction to the downgrade on U.S. debt by Standard & Poor’s.
….The massive stampede out of stocks, the second plunge in three trading days, was fueled partly by reaction to the U.S. credit rating downgrade. The sell-off threatened to further sap confidence in the faltering U.S. economy, giving businesses and consumers another reason to cut back on spending….
Now what, teabaggers?