Downgrade and the Tea Party
People are talking about the Tea Party caucus like they DON'T have members in the House. They just alerted everyone to the problem. They are just the messengers and we shouldn't shoot them. S&P and Moody's said they would lower our rating if we didn't raise the debt ceiling. Then the Tea Party said they wouldn't raise it without a balanced budget amendment. They also said that nothing would happen if we didn't, despite the promises of the credit rating agencies to lower our rating. They created such a fuss that S&P lost faith that the US could pay all of it's debts in the future and lowered our credit rating. They and their supporters now claim no responsibility even though they played an active roll in causing the downgrade.