"S&P removed for the first time the triple-A rating the U.S. has held for 70 years, saying the budget deal recently brokered in Washington didn't do enough to address the gloomy outlook for America's finances," the Wall Street Journal reports.
"The unprecedented move came after several hours of high-stakes drama. It began in the morning, when word leaked that a downgrade was imminent and stocks tumbled. Around 1:30 p.m., S&P officials notified the Treasury Department that they planned to downgrade U.S. debt and presented the government with their findings. Treasury officials noticed a $2 trillion error in S&P's math that delayed an announcement for several hours. S&P officials decided to move ahead, and after 8 p.m. they made their downgrade official."
The Guardian: "The dramatic reversal of fortune for the world's largest economy means
that US treasuries, once seen as the safest investment in the world, are
now rated lower than bonds issued by countries such as the UK, Germany
or France. The move is likely to raise borrowing costs for the US
government, companies and consumers."
Taegan D. Goddard is the founder of Political Wire, one of the earliest and most influential political web sites.
Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.
Goddard is also co-author of You
Won - Now What? (Scribner, 1998), a political
management book hailed by prominent journalists and politicians from
both parties. In addition, Goddard's essays on politics and public
policy have appeared in dozens of newspapers across the country,
including the Washington Post, USA Today, Boston Globe, San Francisco
Chronicle, Chicago Tribune, Philadelphia Inquirer and Christian Science
Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.
PRAISE FOR POLITICAL WIRE
"There are a lot of blogs and news sites claiming to understand
politics, but only a few actually do. Political Wire is one of them."
-- Chuck Todd, NBC News political director
"Concise. Relevant. To the point. Political Wire is the first site I check when I’m looking for the latest political nugget. That pretty much says it all."
-- Stuart Rothenberg, editor of the Rothenberg Political Report
"Political Wire is one of only four or five sites that I check every
day and sometimes several times a day, for the latest political news
-- Charlie Cook, editor of the Cook Political Report
"The big news, delicious tidbits, pearls of wisdom -- nicely packaged, constantly updated... What political junkie could ask for more?"
-- Larry Sabato, Center for Politics, University of Virginia
"Political Wire is a great, great site."
-- Joe Scarborough, host of MSNBC's Morning Joe
"If I were on the proverbial
desert island and had only one web site to access, Political Wire would
-- Dotty Lynch, CBS News political consultant
"Taegan Goddard has a knack for digging out political gems that too
often get passed over by the mainstream press, and for delivering the
latest electoral developments in a sharp, no frills style that makes
his Political Wire an addictive blog habit you don't want to kick."
-- Arianna Huffington, founder of The Huffington Post
"Political Wire is one of the absolute must-read sites in the blogosphere."
-- Glenn Reynolds, founder of Instapundit
"I rely on Taegan Goddard's Political Wire for straight, fair political news, he gets right to the point. It's an eagerly anticipated part of my news reading."
-- Craig Newmark, founder of Craigslist.
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