{"id":9893,"date":"2011-08-07T05:08:26","date_gmt":"2011-08-07T05:08:26","guid":{"rendered":""},"modified":"2011-08-07T05:08:27","modified_gmt":"2011-08-07T05:08:27","slug":"S-P-stands-behind-downgrade-US-calls-end-to-bickering","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=9893","title":{"rendered":"S&P stands behind downgrade, US calls end to bickering"},"content":{"rendered":"

In what appeared to be an effort to undermine S&P’s credibility and counteract any negative effects of the downgrade, White House and Treasury officials accused S&P of making a $2 trillion error <\/strong>and misreading basic data in cutting the rating of the world’s largest economy to AA+ from triple-A.<\/p>\n

Other critics have cited S&P’s various upbeat assessments of companies and debt instruments weeks before they failed<\/strong> — including the packaged mortgage securities that sparked the 2008 financial collapse.<\/p>\n

S&P officials, however, refused to budge while acknowledging the error.<\/strong><\/p>\n

“It doesn’t really change the facts on the ground,” S&P ratings head John Chambers told CNN.<\/p>\n

“The facts on the ground (are) that the deal that we have, the Budget Control Act, is $2 trillion. It’s going to take a deal about twice the size of that to stabilize the debt to GDP (ratio),” he said.<\/p>\n

“Our figures that we published are accurate and our analysis is sound.”<\/p>\n

Late Friday, S&P followed through with its four-month-old threat to cut the US rating after what appears to have been tense discussions with US officials.<\/p>\n

S&P argued that the country’s massive debt and its rising fiscal deficits meant it could not longer be included among the world’s most risk-worthy sovereign borrowers.<\/strong><\/p>\n

Stop the bickering!<\/strong>
\nThe White House on Saturday called for an end to the political bickering cited as a reason for the first-ever US credit rating downgrade, as US allies voiced confidence in the world’s largest economy.<\/p>\n

The White House reacted to the downgrade by calling for unity, following the acrimonious months-long partisan battle to secure a deal on raising the US debt ceiling and slashing the deficit, which rattled world markets.<\/p>\n

Is this the wake-up call the US needed to get it together?!!!<\/strong><\/p>\n

Source AFP<\/em>
\n<\/p>\n","protected":false},"excerpt":{"rendered":"

In what appeared to be an effort to undermine S&P’s credibility and counteract any negative effects of the downgrade, White<\/p>\n","protected":false},"author":1,"featured_media":72448,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[1],"tags":[],"class_list":["post-9893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"magazineBlocksPostFeaturedMedia":{"thumbnail":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u-113x150.jpg","medium":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","medium_large":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","large":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","1536x1536":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","2048x2048":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-highlighted-post":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-featured-post-medium":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-featured-post-small":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u-113x90.jpg","colormag-featured-image":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-default-news":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u-113x150.jpg","colormag-featured-image-large":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-elementor-block-extra-large-thumbnail":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-elementor-grid-large-thumbnail":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-elementor-grid-small-thumbnail":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-elementor-grid-medium-large-thumbnail":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg"},"magazineBlocksPostAuthor":{"name":"Admin","avatar":"https:\/\/secure.gravatar.com\/avatar\/53e6cdc30765aade0129f85e5aeb50124b1d3f5bb9a70373be31e4eb328371e0?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":"0","magazineBlocksPostExcerpt":"In what appeared to be an effort to undermine S&P’s credibility and counteract any negative effects of the downgrade, White","magazineBlocksPostCategories":["News"],"magazineBlocksPostViewCount":130,"magazineBlocksPostReadTime":2,"magazine_blocks_featured_image_url":{"full":["https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg",113,170,false],"medium":["https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg",113,170,false],"thumbnail":["https:\/\/asiancemagazine.com\/wp-content\/uploads\/u-113x150.jpg",113,150,true]},"magazine_blocks_author":{"display_name":"Admin","author_link":"https:\/\/asiancemagazine.com\/?author=1"},"magazine_blocks_comment":0,"magazine_blocks_author_image":"https:\/\/secure.gravatar.com\/avatar\/53e6cdc30765aade0129f85e5aeb50124b1d3f5bb9a70373be31e4eb328371e0?s=96&d=mm&r=g","magazine_blocks_category":"News<\/a>","_links":{"self":[{"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/posts\/9893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9893"}],"version-history":[{"count":0,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/posts\/9893\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/media\/72448"}],"wp:attachment":[{"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}