Wednesday, April 20, 2011

White House tried to talk S&P out of credit warning

Even during the Great Depression, during World War II, yes, even during the disastrous Jimmy Carter presidency, the United States maintained a Triple AAA credit rating. But on Monday Standard and Poors changed it outlook on America's rating from "stable" to "negative." Next could be a lowering of that rating, which America has enjoyed for 94 years. Appearing on the Fox Business Network, Treasury Secretary Timothy Geithner said there was "no risk" of that happening. But the Washington Post reported yesterday that the Obama administration tried to discourage S&P from changing its outlook.

But the best way to accomplish that is for the White House to embrace Paul Ryan's "Path to Prosperity.

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