Standard & Poor
Standard & Poor: Huff Post: Standard & Poor's Showed 'Terrible Judgment' The credit rating agency Standard & Poor's showed "terrible judgment" in lowering the U.S. government's credit rating, Treasury Secretary Timothy Geithner said Sunday.
"They've handled themselves very poorly. And they've shown a stunning lack of knowledge about the basic U.S. fiscal budget math," Geithner said in his first public comments about the credit rating decision.
Interviewed on CNBC, Geither said that U.S. Treasury securities were just as safe now as they were before S&P announced its downgrade. He predicted that China and investors would remain strong purchasers of U.S. government debt.
Republicans have blamed President Barack Obama for the first-ever downgrade of the government's credit rating.
But Geithner said Congress owns the credit rating because the Constitution gives Congress the power to tax and spend. Late Friday, S&P announced it was lowering its rating for U.S. debt one notch from AAA to AA+.
The other two major credit rating agencies, Moody's Investor service and Fitch Ratings, have not lowered their AAA ratings, although they have warned of a possible downgrade if more is not done to deal with soaring federal deficits. By Huff Post
"They've handled themselves very poorly. And they've shown a stunning lack of knowledge about the basic U.S. fiscal budget math," Geithner said in his first public comments about the credit rating decision.
Interviewed on CNBC, Geither said that U.S. Treasury securities were just as safe now as they were before S&P announced its downgrade. He predicted that China and investors would remain strong purchasers of U.S. government debt.
Republicans have blamed President Barack Obama for the first-ever downgrade of the government's credit rating.
But Geithner said Congress owns the credit rating because the Constitution gives Congress the power to tax and spend. Late Friday, S&P announced it was lowering its rating for U.S. debt one notch from AAA to AA+.
The other two major credit rating agencies, Moody's Investor service and Fitch Ratings, have not lowered their AAA ratings, although they have warned of a possible downgrade if more is not done to deal with soaring federal deficits. By Huff Post
Tags: Standard & Poor's , Tim Geithner , Treasury Secretary , US S&P Downgrade , Credit Downgrade , Geithner , Geithner s&p , Tim Geithner s&p , Us Credit Downgrade , Us Downgrade ,
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