Standard and Poor poignant comments on debt downgrade

S&P said the downgrade "reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium- term debt dynamics." It also blamed the weakened "effectiveness, stability, and predictability" of U.S. policy making and political institutions at a time when challenges are mounting.

Paletta, Damian, and Matt Phillips. "S&P Downgrades U.S. Debt for First Time." Business News & Financial News. The Wall Street Journal, 06 Aug. 2011. Web. 06 Aug. 2011.
http://online.wsj.com/article/SB10001424053111903366504576491421339802788.html.

Penny-wise and pound-foolish - Congress and the FAA reauthorization bill

I am pleased Congress reached agreement on the debt limit. I understand it took priority over all other legislative matters for the past few weeks. I also understand there are philosophical reasons to debate the budget for the Federal Aviation Administration (FAA). I do not understand why Congress would take a recess before addressing the FAA reauthorization. A temporary extension until Congress reconvenes seemed a reasonable compromise. Instead, the government cannot collect federal airport taxes, the FAA furloughed 4000 employees, and many airport construction projects are on hold. Has anyone noticed the economy is weak and tax revenues are down? President Obama correctly characterized the situation as "another Washington-inflicted wound on America."