Reagan brought the Soviet Union to its knees but it took Barack Obama to bring the United States to its knees [Reader Post]

Back in April Timmy Geithner said there was no chance that the US credit rating would take a hit.

Treasury Secretary Tim Geithner said Tuesday there is “no risk” the U.S. will lose its top credit rating amid a new analysis that revised its outlook on American debt to “negative.”
Geithner took to the airwaves of financial news networks to push back against a report Monday by Standard & Poor’s that lowered its outlook on U.S. debt to “negative,” reflecting political uncertainty over whether lawmakers will reach an agreement to address long-term debt.
There is no chance that the U.S. will lose its top credit rating, Geithner said, forcefully disputing the notion that S&P or other ratings services might downgrade U.S. bonds from their current AAA rating.
“No risk of that, no risk,” Geithner said on the Fox Business Network.

Oops.

While Obama was partying hearty at his $35,000 a plate bash, S&P was lowering the the US credit rating.

Standard & Poor’s announced Friday night that it has downgraded the U.S. credit rating for the first time, dealing a symbolic blow to the world’s economic superpower in what was a sharply worded critique of the American political system.
Lowering the nation’s rating to one notch below AAA, the credit rating company said “political brinkmanship” in the debate over the debt had made the U.S. government’s ability to manage its finances “less stable, less effective and less predictable.” It said the bipartisan agreement reached this week to find at least $2.1 trillion in budget savings “fell short” of what was necessary to tame the nation’s debt over time and predicted that leaders would not be likely to achieve more savings in the future.

Obama’s only budget offering was laughed out of the Senate 97-0.

democrats went more than 800 days with no budget.

These are not serious people.

I do agree with Obama about something.

“The future is going to be determined by this (the 2012) election,”

Darn tootin’ it is. If Barack Obama is re-elected we are, in the words of Rahm Emanuel,

“Dead! Dead! Dead!”

Obama promised us he’d fundamentally change the United States. Reagan brought the Soviet Union to its knees but it took Barack Obama to bring the United States to its knees.

In 2012, without a change there will be no hope.

NOTE:

And today, we read that Geither has no intentions of resigning; while he blames Congress and everyone else! He surely is a chip off the old block, Obama. No one in this administration takes responsibility for their own actions/choices/decisions - not one of them!

See:

Geithner staying at Treasury, says Congress ‘owns the credit rating’

President Obama intends to give a speech at 1:00 PM this afternoon - can't wait to hear who and what he blames for America's credit rating.