John Chambers, the chairman of Standard & Poor’s sovereign debt ratings, on Sunday estimated that it could take between 9 and 18 years for the nation to regain its AAA credit rating.Things could actually get worse.
Chambers said the credit agency could further downgrade the national rating depending on whether President Obama and congressional leaders can agree on reducing the deficit.
He put the chances of another drop in credit rating at one in three.Meanwhile, Obama's base supporters angrily lash out.
Chambers said if the nation’s fiscal scenario worsens or political gridlock becomes more entrenched, “that could lead to a downgrade.”
Chambers said “it could take a while” for the U.S. to regain its perfect credit rating.
“It’s hard to see how we avoid a Tea-Party recession if the president who has the biggest megaphone in the country is not willing to speak clearly on the issue,” Justin Ruben, executive director of MoveOn.org, told The Hill in a Saturday afternoon interview.Tea Party recession? Really?