Democratic Underground - Obama officials clash with S&P over downgrade threats

Obama officials clash with S&P over downgrade threats [View All]

OmahaBlueDog

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Fri Jul-22-11 05:49 PM
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Obama officials clash with S&P over downgrade threats

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Source: Reuters/Yahoo

S&P's latest downgrade warning last week came as time runs short for Congress to raise the federal government's $14.3 trillion borrowing limit. Without a deal by August 2, the government is expected to run out of money to pay its bills and then default, triggering devastating economic consequences.

In telephone calls to top S&P officials, the Obama administration has asked why the ratings agency keeps shortening its timeframe for long-term deficit reduction, according to sources familiar with the discussions.

In October 2010, S&P said it wanted to see a meaningful deal to rein in long-term deficits within three to five years.

Read more: http://news.yahoo.com/obama-officials-clash-p-over-downgrade-threats-200358261.html

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Obama officials clash with S&P over downgrade threats [View All]