The Tea Party wanted a balanced budget and caps on spending. At the same time Obama and Reid villainized congressional members and voters who supported the only pan that would have stayed the historical credit downgrade. Senate Majority Leader Harry Reid labeled the Republican plan Cut, Cap and Balance the worst legislation in the history of our country. He could not have been more wrong.
Clearly the reason that S&P downgraded America's credit rating is because of our increasing debt. America has held it's AAA rating since 1917. It only took 2.5 years of the Obama Administration to destroy our credit rating.
The results of S&P's action most likely will lead to higher rates for your credit cards and loans. Higher rates for credit cards, home loans and auto loans will further constrict our economy to the detriment of us all.
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