THE ROYCROFT REPORT

 August 8, 2011 – Obama talked big back in 2009, yet now he takes no responsibility for what he has done to our nations economy… And this is what we get when we have 47% of Americans who don’t pay taxes, and then vote for a living. Standard and Poor downgrades the US credit rating along with Fannie Mae and Freddie Mac. Some are wondering if they will also downgrade individual states credit ratings. US markets plunged to 633 today, the lowest since 2008, as Obama said nothing to reassure America in his speech on the economic disaster he and his band of socialist misfits have put upon our nation. How many days has it been and he still hasn’t managed to get a budget set?  If anything positive could come from today’s news, it should be that the Obama administration has put yet another nail in his presidential election coffin.

Democrat Senator John Kerry blames Tea Party, saying, “I believe this is, without question, the tea party downgrade…” David Axelrod, a former senior adviser to President Obama also blamed the Tea Party.

That’s exactly the kind of blame game that led Standard & Poor’s, one of three key credit-ratings agencies, to strip the U.S. federal government of its AAA status Friday night and reducing it to AA+ for the first time in the nation’s history.

David Beers, the head of S&P’s government debt-rating unit, said during an appearance on “Fox News Sunday” – “Congress and the administration are jointly responsible for the conduct of fiscal policy. So, this is not really about either political party.”

Sen. Lindsey Graham defended the tea party and said that without the movement, trillions of dollars in spending cuts wouldn’t be possible.

“Thank God they’re here,” he said on CBS’ “Face the Nation.”

“This is the first time we’ve ever raised the debt ceiling where we tried to actually reduce spending. That’s a good thing, but we’re woefully short,” he said. “The tea party hasn’t destroyed Washington. Washington was destroyed before the tea party got here. The hope is that the tea party and middle-of-the-road people can find common ground to turn this country around before we become Greece.”

- John Roycroft

Related articles

• Democrats seek to pin credit downgrade on tea party (fellowshipofminds.wordpress.com)
• Dems Use Downgrade to Amplify Anti-Tea Party Charges (foxnews.com)
• Ron & Rand Paul: Don’t blame the Tea Party (cbsnews.com)