Another Historic First for Obama: S&P Downgrades US Credit Rating From AAA

Heckuva job, Bammy. You've tanked the economy and now wrecked our credit rating. But don't let us interrupt your parties or golf.

Credit rating agency Standard & Poor's says it has downgraded the United States' credit rating for the first time in the history of the ratings.

The credit rating agency says that it is cutting the country's top AAA rating by one notch to AA-plus. The credit agency said late Friday that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.

A source familiar with the discussions said that the Obama administration believes S&P's analysis contained "deep and fundamental flaws."

Sure, it's always someone else's fault.

The next time they accept responsibility will be another historic first.

Update: Remember when tax cheat Timmy Geithner said this?

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."

Good times, good times indeed.

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.