S&P: Washington criticism is a 'smoke screen'
August 8th, 2011
10:18 AM ET
3 years ago

S&P: Washington criticism is a 'smoke screen'

WASHINGTON (CNNMoney) - Standard & Poor's, the credit rating agency that lowered the grade on the federal government's credit worthiness, continued its defense of its move Monday, calling Washington criticism a "smoke screen."

"This idea that we made a $2 trillion error is simply a smoke screen for the unhappiness, in our view, about our decision," said David Beers, S&P's global head of sovereign ratings, in an interview on CNN's "America Morning."

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Filed under: CNNMoney.com • Debt • Deficit • Economy
soundoff (20 Responses)
  1. Sniffit

    GOP: "Mission Accomplished."

    August 8, 2011 10:24 am at 10:24 am |
  2. Four and The Door

    This would be a great time for the Administration to actually come up with a fiscal plan that makes a significant impact on the national debt like the Ryan Plan does. Any private CEO would do just that in this situation. Oh, and raising taxes is not a plan. It is a politically charged tactic that doesn't come close to solving the financial mess we have spent ourselves into. Kinda like everything else this administration has done to "fix" the economy.

    August 8, 2011 10:26 am at 10:26 am |
  3. Sniffit

    "Oh, and raising taxes is not a plan."

    Putting them back where they were before ALL of this mess started IS part of a plan and S&P's report specifically addressed the lack of revenue that is part of what is driving this problem. As far as anyone should be concerned, the GOP/Teatroll plan is to fark the federal gov't into oblivion before anyone wises up to the fact that taxes MUST go up.

    August 8, 2011 10:36 am at 10:36 am |
  4. A real American

    Read the report. It's all about the teabaggers' unwillingness to raise taxes. Spin it all you want, but it's all there in black and white.

    August 8, 2011 10:44 am at 10:44 am |
  5. gt

    the ones in washington need to take a hard look in the mirror... we cant spend what we dont have... fix it and let everyone share in the pain...democrats and republicans are both to blame..

    August 8, 2011 10:46 am at 10:46 am |
  6. Berry

    S&P, "TRY USING A CALCULATOR THE NEXT TIME???? Theres one on your computer,if you did,nt know??? Thanks alot GOP/TP for the DOWNGRADE, Your history in 2012.

    August 8, 2011 10:50 am at 10:50 am |
  7. Abe

    Blame others and divide the country that has what Obama has excelled at and now he is the Downgrade President. Take a look at your portfolio this morning for your retirement, you kids and your grandkids education and ask who you blame. I can tell you this no SANE person blames the people who were trying to get us is live soundly within out means and spend less. I am sure we will hear more mystical numbers from the adminstistration today.

    August 8, 2011 10:54 am at 10:54 am |
  8. Fair is Fair

    "Thanks alot GOP/TP for the DOWNGRADE, Your history in 2012."
    -------
    So is Barry, Berry.

    August 8, 2011 11:00 am at 11:00 am |
  9. kat

    People, Stop blaming S and P, You can't spend like drunken Sailors and expect to stay in budget. Face it, The people we have running, or should I say (ruining) our country are idiots. We can't afford 4 more. Vote this bum out.

    August 8, 2011 11:02 am at 11:02 am |
  10. Indy

    Romney just took a two week vacation from unemployment, and is now using the S&P rating as a rally cry against Obama. He was doing nothing while elected officials were working on fixing a major problem that was caused over the past 10 years and now after his vacation he is full out with jabs at the President and NO solutions as usual. He was 47th in job creation as Governor and used major amounts of federal funding for his state and created Romney/Obama Care but he hopes people are stupid enough to forget all that and lets not forget he voted for DEFAULT which would have given S&P reason to drop the credit rating to a single A

    August 8, 2011 11:05 am at 11:05 am |
  11. SecedingfromTexas

    @Sniffitt: You are right, but "they" don't want to hear it. IF, anybody can read The New Yorker article on the Koch
    Bros., Aug 30, 2010 and still support the Tea Party, they don't care about America. IF, anybody knows that
    Rick Scott, Rick Perry and Bob McDonnell attended the Koch Bros secreat 'retreat' in Vail. Co, and still want them
    as Governors of their States, or more idiotic, Perry as President, they don't care about America. Not only did the
    Tea Party sabatoge the debt ceiling debate, they did at the command of their Kings: Norquist, Koch, Murdoch, etc.
    The Tea Party is funded by Kochs, as is America for Prosperity, as is the Wisconsin Governor and the attack
    on unions. The Tea Party will destroy us if they are not stopped.

    August 8, 2011 11:10 am at 11:10 am |
  12. diridi

    Raise Revenue, by taxing companies which go abroad for greed, and who make more than 250k or more, we need revenue in fed. o.k, Cut expenses, bring back all troops and put them around the Mexico and Canada...focus on Energy Independence, Strict Immigration, Agriculture Fuel efficient cars, Call centers need to come back. Folks, if you call visa, or any, if it is in India, or Vietnam, or Philippines, just cancel...I did you do.......o.k,

    August 8, 2011 11:13 am at 11:13 am |
  13. Four and The Door

    Sniffit
    "Oh, and raising taxes is not a plan."
    Putting them back where they were before ALL of this mess started IS part of a plan...
    ________________________________________________________________________________________________
    Again, where's the plan you talk about here? And if raising taxes is part of a plan then an increase in unemployment should also be a part of it.

    August 8, 2011 11:16 am at 11:16 am |
  14. The Day of Financial Reckoning is HERE - The Great Democrat Welfare Society Ends

    As usual, Obama and all the Democrats blame others for their failures. Everybody else always seems to be the problem. First George Bush, the evil oil companies, the greedy bankers, the nasty healthcare companies, the money grubbing drug companies, those bad Republicans that refuse to just roll over and go along with every insane spending idea the Democrats concoct, those "crazy racist Tea Party people, and now S&P.

    Is anybody else starting to see a pattern of behavior????? Insane Democrat idea, followed by failure, followed by blaming others.

    Can we honestly endure 4 more YEARS of this insanity?????

    August 8, 2011 11:18 am at 11:18 am |
  15. "The GOP biggest deception is getting the Poor and Middle class to believe they are out to help them"

    Follow the money this is all about those in the GOP who want the President out! Therefore they will do anything to get it done. If it means tank the Country so be it. I mean look at what they did to President Clinton!! I mean have you people not figured it out yet? We are moving to a society of haves and have not's!! When you have two Prior Democratic Presidents in Office who try to show in some way of helping the poor and middle class they have been targets!! What we all need to understand here with our economy, is that things going on here are global!!! When you have companies shipping jobs overseas because they want cheap labor and keep the profit why would you think they would want someone in office that wants to regulate them? Wake up folks and follow the money!! This is not fiction this is the real thing may sound like a movie or TV show, but it is not!!! I mean think about it S & P has never done anything like this 'NEVER' so why now? On top of that why lower it to AA-Plus? If they thought we were that worst off they should have just said AA!! Heck France is in a worst position than the US yet they hold AAA status!! This stinks to the high hog!!!

    August 8, 2011 11:27 am at 11:27 am |
  16. SecedingfromTexas

    @Day of financial..................
    ****************
    That's right, it is their fault, including all the Republican spending bills sent to Bush and not one veto for six years.
    Glad you now see the light.

    August 8, 2011 11:36 am at 11:36 am |
  17. Sniffit

    "Again, where's the plan you talk about here? And if raising taxes is part of a plan then an increase in unemployment should also be a part of it."

    Tax cuts do not create jobs. There is NO evidence or historical record for that.

    August 8, 2011 11:39 am at 11:39 am |
  18. Name king

    Hey the question is; if some one owed you a bunch of money and took 3 months to pay it, then turned around and make it into a big ole crisis, then on top of that debating if they should weather or not to even pay you your own money, would that person still be the ideal person to lend money to after that debacle? The problem is this debt ceiling debacle should have never been a debacle especially when you've got folks waiting to get their money that they lent us. This was a strategic disaster perpetrated by some who really wants to get rid of this president or stupid enough to think that their wasn't going to be any consequences. Now look what happens if your willing to put the American people in front of a firing squad and have a loaded gun pointing at them.

    August 8, 2011 11:40 am at 11:40 am |
  19. Four and The Door

    "The GOP biggest deception is getting the Poor and Middle class to believe they are out to help them"
    ...I mean think about it S & P has never done anything like this 'NEVER' so why now?
    ______________________________________________________________________________________________
    Read the article all of the way to the end where you will see S&P does this to financially irresponsible nations regularly:
    ...He added that five nations have been upgraded back to AAA status from a downgrade, including Canada, Australia, Finland, Sweden and Denmark...
    I guarantee you the Republican Party dislikes the downgrade apparently more than the Obama Administration does.

    August 8, 2011 11:44 am at 11:44 am |
  20. Ancient Texan

    The ratings would not have been lowered if the Balanced Budget amendment had passed in the debt limit debate. It would have taken time to ratify, but at least would have signified a willingness to curb spending.

    August 8, 2011 11:49 am at 11:49 am |