Obama: Default Used as Bargaining Chip and Damaged Economy

"We knew from the outset that a prolonged debate over the debt ceiling, a debate where the the threat of default is used as a bargaining chip, could do enormous damage to our economy and the world's." --- Barack Obama

The S&P lowered our rating causing our stock market and markets around the world to dive.  The DOW lost 11.35% in the past 5 days of trading.  The party politics and petty bickering usually doesn't hurt us, but this time when one party said that they would not raise the debt ceiling they made some pretty important people lose their confidence in us.


Sources: http://www.google.com/finance?client=ob&q=INDEXDJX:DJI
http://www.youtube.com/watch?v=S4jPsOuYmfg
http://news.yahoo.com/p-downgrades-us-credit-rating-080422314.html