Folks, this is what happens when you elect a less-than-one-term Senator with a penchant for voting “present” and troubling connections to lefties at the extreme end of the spectrum:
Credit rating agency Egan-Jones has cut the United States’ top credit ranking, citing concerns over the country’s high debt load and the difficulty the government faces in significantly reducing spending.
The agency said the action, which cut U.S. sovereign debt to the second-highest rating, was not based on fears over the country not raising its debt ceiling.
Instead, the cut is due the U.S. debt load standing at more than 100 percent of its gross domestic product. This compares with Canada, for example, which has a debt-to-GDP ratio of 35 percent, Egan-Jones said in a report sent on Saturday.
The debt load is primarily due to the Obama spending spree, unchecked by the 111th Congress (that’s the one that took office in January 2009 after the 2008 elections), highlighted by things like the so-called stimulus and ObamaCare.
Yes, Bush ran up spending, but Obama has doubled and even tripled down on that, and as a result we’re now facing financial doomsday, yet the Spender-in-Chief still wants to propose new taxes and refuses to cut spending.
I expect the other credit rating agencies to follow suit fairly soon.