Home > Cande = Conjecture & Exaggeration, Fande = Fact & Evidence, The Economy > The Republican Sabotage Game is Bad for America

The Republican Sabotage Game is Bad for America

The Republicans refused to raise the debt ceiling on its own. No, instead they hold the debt ceiling hostage unless we start talking budget cuts. But the Republicans also refuse any talk of raising taxes to generate revenues.

The rating agency, Standard & Poor’s, explicitly stated in its report downgrading the credit rating of the United States of America that one of the major reasons for that downgrade is the Republicans refusal to consider taxes, in order to generate revenues to lower our country’s budget deficit.

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source: http://www.standardandpoors.com/servlet/BlobServer?blobheadername3=MDT-Type&blobcol=urldata&blobtable=MungoBlobs&blobheadervalue2=inline%3B+filename%3DUS_Downgraded_AA%2B.pdf&blobheadername2=Content-Disposition&blobheadervalue1=application%2Fpdf&blobkey=id&blobheadername1=content-type&blobwhere=1243942957443&blobheadervalue3=UTF-8

EXCERPT:

“Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues….

Outlook

The outlook on the long-term rating is negative. As our downside alternate

fiscal scenario illustrates, a higher public debt trajectory than we currently

assume could lead us to lower the long-term rating again. On the other hand,

as our upside scenario highlights, if the recommendations of the Congressional

Joint Select Committee on Deficit Reduction–independently or coupled with

other initiatives, such as the lapsing of the 2001 and 2003 tax cuts for

high earners–lead to fiscal consolidation measures beyond the minimum

mandated, and we believe they are likely to slow the deterioration of the

government’s debt dynamics, the long-term rating could stabilize at ‘AA+’.”

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And then Michele Bachmann blames President Obama for the credit downgrade, due in greater part to her party’s obstructionism and extreme political tactics. Hey Republicans, holding the debt ceiling hostage hurt all Americans. We lost our AAA rating because of Republican sabotage.

Solution for the United States of America: Stop Voting for Republicans.

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Read more:

http://www.nytimes.com/2011/08/07/opinion/sunday/Bruni-True-Believers-All-of-Us.html?scp=1&sq=bruni&st=Search

http://www.nytimes.com/2011/08/08/opinion/credibility-chutzpah-and-debt.html?hp

http://www.nytimes.com/2011/08/07/business/global/standard-poors-downgrade-of-united-states-credit-rating-echoes-nervousness-of-global-markets.html

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