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.
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