And we have another first by the Obama Administration.
"NEW YORK (CNNMoney) -- The United States is at risk of having its pristine credit rating lowered if politicians in Washington cannot agree on a plan to bring down the nation's deficits over the long term, ratings agency Standard & Poor's said Monday.
S&P, one of the three main agencies that rate the ability of companies and sovereign nations to repay their debts, lowered its outlook for America's long-term credit rating to "negative" from "stable."
The change means that there is a one-in-three chance that S&P could downgrade the nation's "AAA" credit rating within two years. That would make it harder for the U.S. government to borrow money to fund its activities.
While S&P believes the U.S. economy is diverse and that the nation's monetary policy is sound, the agency said a downgrade is possible if Congress and the Obama administration fail to enact a credible deficit reduction plan."
Full Article:
http://money.cnn.com/2011/04/18/news...ered/index.htm
Well, the community organizer did promise "Change". So it looks like he delivered on that promise.