Downer: Sunday Marks One-Year Anniversary Of America's Credit Being Downgraded: "A year ago, Standard and Poor’s (S&P) downgraded America’s triple-A credit to AA+, a score the The Wall Street Journal noted ranked below countries such as Liechtenstein, and on par with Belgium and New Zealand. S&P also put the credit rating on a “negative outlook,” which meant the agency felt America had “little chance of regaining the top rating in the near term.”
National Journal referred to the downgrade as an “ignominious legacy for Obama.”
What was worse was that the Obama administration seemed blindsided by the downgrade. Treasury Secretary Tim Geithner told a House panel in 2010 the bond rating was safe and that “there’s not a chance” it would get downgraded. In April of 2011, just months before the downgrade, Geithner said there was “no risk” America’s credit would be downgraded."
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