by John Hawkins | August 9, 2011 2:08 am
Blame the Tea Party? Geez, no wonder Kerry did so well in an election. If it wasn’t for the Tea Party, they would have passed the debt ceiling thumbs up, we would have been rated BBB. — Rick Santelli
Certainly, if Democrats, who originally wanted no cuts in exchange for raising the debt ceiling, had agreed to the Ryan Plan or Cut, Cap, and Balance, we wouldn’t have lost our AAA rating. It’s also worth noting, however, that it’s entirely possible that we wouldn’t have lost our AAA rating without the Democrats ramming through a trillion dollar stimulus and Obamacare, a new entitlement program that everyone knows, phony baloney numbers aside, will add trillions to the national debt over the next couple of decades. Take that spending out of the equation and America’s long-term prospects would still be bad, but our medium term prospects would look considerably better, and it’s entirely possible that our AAA rating would be intact.
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