Senator Burr Responds To S&P Downgrading U.S. Credit Rating For First Time Ever

U.S. Senator Richard Burr (R-NC) responds to S&P's decision to downgrade the United States’ long-term credit rating.

In a statement released Friday night Senator Burr states:
"Tonight's decision by S&P underscores my concerns throughout the duration of the recent debt debate - that we need to make meaningful cuts in spending, reform our entitlement programs, and simplify our tax code to lower rates if we have any hope of putting our nation back on the path to fiscal responsibility. We must act now in order to prevent this crisis from getting any worse. Clearly, what we have done so far is not enough."

Friday night, credit rating agency Standard & Poor's downgraded the United States' credit rating for the first time in the history of the ratings.
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Credit rating agency Standard & Poor's says it has downgraded the United States' credit rating for the first time in the history of the ratings.

The credit rating agency says that it is cutting the country's top AAA rating by one notch to AA-plus.

The credit agency said late Friday that it is making the move because the deficit reduction plan passed by Congress on Tuesday did not go far enough to stabilize the country's debt situation.

A source familiar with the discussions said that the Obama administration believes S&P's analysis contained "deep and fundamental flaws."

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  • by Anonymous on Aug 11, 2011 at 06:01 PM
    This topic is a perfect example of why this counrty is doomed to fail. People are so concerned with blaming another person, than they forget to actually address the problems. Maybe if they spent less time worrying about who to blame for this or that, they'd actually find themselves with the time to fix the current set of problems instead of worrying about the ones 20 years down the road.
  • by alma Location: winterville nc on Aug 11, 2011 at 01:58 PM
    I think Lavon has a problem with our president and his approval rating b/c bush was the worst president and still is and will always be. Now let your son or daughter go to war lavon for nothing wasting our tax dollar for oil not demcrocacy. did u find any weapons if so show them to the united states!!
  • by Obama Snake Oil co Location: Washington on Aug 11, 2011 at 12:56 PM
    Nope, you answer my question first, why did you vote for Obama, the worst president in the history of this nation? New question, are you a hater and not like Cain? Do you not like people of color? Do you have a hang up on that. Why are you a know they kept my people down then bought them out with handouts as long as they stayed in the projects our of their way. Answer that lavon, who are you? You won't, you never do and never will, like our president, you cannot tell the truth.
  • by Lavon Location: Goldsboro on Aug 11, 2011 at 09:34 AM
    If Snake Oil says Obama is the worst President in history just ask him what Bush's approval number was when he left office and watch him go away..
    • reply
      by ECU student on Aug 11, 2011 at 02:17 PM in reply to Lavon
      typical liberal response, refer everything back to George Bush! I guess Bush is to blame for Obamas low approval rating as well. We get it all of Obamas failures are the Fault of George Bush.
  • by Lavon Location: Goldsboro on Aug 11, 2011 at 08:39 AM
    These foolish haters talking about beating Obama next year. heck they don't even have a candidate to run against him. LOL!!! The Republican Party is nothing short of pathetic. So do you still think Herman Cain is going to win? BAHAHAHAHAAAA!!!
    • reply
      by Frank Sinatra on Aug 11, 2011 at 10:38 PM in reply to Lavon
      Since you seem to not understand the political process, the republicans have a primary where the person will be selected to defeat your rock star. You know someone that will actually make decisions and stand behind them not blame the person that was there before them.
  • by JC on Aug 11, 2011 at 05:22 AM
    We would be in the same boat if McCain was for the worst president of all time, that honor goes to George W Bush!
    • reply
      by Obama Snake Oil co on Aug 11, 2011 at 07:17 AM in reply to JC
      Nope, Obama slid under Carter last year. Bush was at least a leader. Obama just takes vacations and plays gold while spending the country into bankruptcy. Carter was known for highest gas prices, gas lines and incredible interrest how does that make you....feel?
      • reply
        by and... on Aug 13, 2011 at 06:03 AM in reply to Obama Snake Oil co
        george duBYa bush led us into to wars with no exit plan . Now I dont know when he became the worst president in history - when he started two wars or left the job of bring troops home to someone else. Now o donate some money to build his presidential library so they can buy him a magizine stand.
    • reply
      by ECU student on Aug 11, 2011 at 08:04 AM in reply to JC
      whoever says Bush is the worst president of all time needs to pick up a history book. worst presidents of all time, Jimmy Carter, Lyndon Johnson, Herbert Hoover, Ulysses s. Grant, Andrew Johnson, Franklin Pierce, Zachery Taylor, and soon to join the list, Barack Obama!
      • reply
        by Anonymous on Aug 11, 2011 at 06:24 PM in reply to ECU student
        Wow....a list of the worst Presidents of all time, with possibly three of the worst Presidents of all time missing....Buchanan, Nixon, and Regan.
        • reply
          by Obama Snake Oil co on Aug 12, 2011 at 06:04 AM in reply to
          I cannot figure if Obama slides under Carter or Woodrow Wilson...Wilson also believed in keeping America in an economic depression by spending more money. Truman saved the economy by lowering taxes and the rest was recovery. Carter raised taxes and went after the oil companies with no avail, thus driving up prices and destroying the economy. I would say that Obama certainly, ran up the debt over 4 times higher than Bush did in 8 years...and he did it in his first year in office. So, Obama will be at the bottom, just not sure, Wilson or Carter.
  • by Frank Sinatra Location: Heaven on Aug 9, 2011 at 05:55 PM
    The funny thing is when a democrat actually takes the time to research and investigate he becomes a republican.
  • by Obama Snake Oil co Location: Washington on Aug 9, 2011 at 05:32 AM
    jc, that is the biggest blitherskit post full of libterdial theory, I have ever read. When you come off your koolaid high, open your eyes and look in your wallet. Your wealth has been redistributed for you. Oh, an that loser you call president...go check out his polls today after he gave that enlightning speech yesterday. The worst president in the history in our nation since Jimmy Carter spoke yesterday...and what is funny, you believed him after your 401k went into the dumps..speaking of, I have a bridge on sale hiere in Washington NC. Its only a couple of years old and I will make you a good deal on it. Sounds like you the man for the sale by that post...
    • reply
      by and... on Aug 9, 2011 at 07:16 AM in reply to Obama Snake Oil co
      call steele again and see if he can get the tea party to go democratic as they are planning to crash and trash the gop party , not gonna be pretty. drink another cup o tea with your tinfoil hat on and hope for the best.
      • reply
        by Obama Snake Oil co on Aug 9, 2011 at 08:26 AM in reply to and...
        Gosh, talk about sore losers....
    • reply
      by and... on Aug 10, 2011 at 05:47 AM in reply to Obama Snake Oil co
      The rich boy tax cut has been going on for a while when do the trickle down jobs come ?
      • reply
        by Obama Snake Oil co on Aug 10, 2011 at 07:35 AM in reply to and...
        When we all work for poor men....
  • by jc kai Location: honolulu on Aug 8, 2011 at 05:16 PM
    It's amazing how stupid americans are! Bush got us in 2 wars, tax break for the rich, dereg Wall St, and the oil company's...because they have shares in Halleburton oil, and that's why we're in this mess! Republican hs done nothing to make things better, but brain wash american that this is all Obama. Idiots! Take a look at where you live...if you have republican running your state you probably have nothing. You want a republican as your next president, be sure you have a big savings, because you can kiss your health insurance, social security, medicare away. Oh by the way idiots, I love when the federal gov. initiate programs for me, ms middle income class, where the your tea-party dictators want to get rid of! Don't you guys read, hello! We lost our aaa rating because as s&p said, the republican tea party was dicking around, so now the down is not the president fault, its these tea party jerks that think its okay to mess around with our lives. Yes we're in debt, thanks to Bush, Chaney republicans...oh wasn't 9-11 under his watch, and didn't the market crash under his watch, while he sitting down reading to the kids. Oh gee, didn't Obama get Bin Laden, and extended unemployment checks to us middle class workers, so we wouldn't end up on the street. You guys are so clueless, keep cheering for these politicians who want two class of people, the poor and rich, because hello we're paying off the debt. Obama is trying to bring in revenue from the rich, rich, rich! This is a man that cares, but you guys keep voting for the idiots and watch when we have nothing, not even collective bargaining, your start pay is going drop to nothing, and you are going to wander...what happened...dah, idiots!
    • reply
      by Anonymous on Aug 8, 2011 at 06:40 PM in reply to jc kai
      Perfect liberal rant from someone admittedly living on the freebies the gov't provides. Instead of wanting the Pres to establish jobs, jc you seem quite content in just being the lazy recipient of others labors. And the S&P has been very careful not to assign blame to any party. They continue to say it is because of political dysfunction. But I understand no matter what anyone says you've got the liberal litany of TP and GOP accusations down pat. That is all you know, for that matter, that is all you want to know. Why ruin a good thing and have to go to work to earn your keep.
    • reply
      by Abe on Aug 8, 2011 at 09:20 PM in reply to jc kai
      Rich Democrats spent $36,000 yes 36 thousand dollars a dinner plate last week at one of Hope N Change fund re - election dinners. It is all a tax deduction for all those very , very rich Democrats. Oh well - Get a tax accountant jc kai
    • reply
      by Sam on Aug 9, 2011 at 07:41 AM in reply to jc kai
      JC Kai, while I agree about the Bush Administration being all about the oil companies and giving them tax breaks, that was bad, but Barack Obama has straight up lied to America. Barack Obama has lied his way in office. If Barack Obama cared about America, then he would'nt take these luxurious vacations and rounds of golf off of the taxpayers money. If Barack Obama cared about America, he would'nt have put a moratorium on the oil drilling, keeping gas prices at an all time high. If he cared about America then he would'nt have filed a lawsuit against the State of Arizona for cutting down on these illegal immigrants that are sucking up the tax money for free healthcare as well as allow the ones who refuse to work to get free health care. If he cared about America, he would have not banned a co-pay for birth control and allow sterilization considering too many kids (coming from parents with 8-9 kids) have to be fed and then it eventually comes off of our tax dollars. Do you see what damage Barack has done, needless to mention handing out money to other nations when the U.S.A. is in a crisis? If not, then you have no idea how a nation should be ran. Clinton was the last decent president we had, just cause he balanced the budget, but signing that NAFTA agreement was idiotic and started to mess the USA up. Old man Bush wont good. Ronald Reagan and Harry Truman were the best U.S. presidents we ever had for the goodness they did for the USA.
    • reply
      by ECU student on Aug 9, 2011 at 08:17 AM in reply to jc kai
      seriously does no one know how credit ratings work? jc kai If you knew anything about credit ratings then you would know it not in fact based on the tea party "dicking around" Come to find out it is based on the amount of money one borrows and on the ability to pay it back! So if the dems want to borrow more money, and increase spending.....and the tea party wants to decrease the debt.... then how exactly is it the fault of the tea party? Come to find out decreasing debt is actually GOOD for your credit rating!!!! Who Knew!!!!!!!!
      • reply
        by Anonymous on Aug 9, 2011 at 09:35 AM in reply to ECU student
        Actually, ECU, I think jc may actually believe in the credit fairy. We, of course, recognize the credit fairy as free-wheeling and spending liberal politicians. Credit rating, who cares, we don't need no stupid credit rating we make our own rules and everybody else has to play by them. Well, S&P said...NOT!
      • reply
        by Obama Snake Oil Co on Aug 9, 2011 at 12:53 PM in reply to ECU student
        That was why they were screaming tax the they could spend even more in debt thinking the people that do the hiring would pay more and hire....isn't like biting the hand that feeds you or shooting yourself in the foot? I like the post that mentioned 1400 millionaires paid not income taxes....forgot to mention they were not making an income either, they were retired. Spin stops here, now! And all those rich CEOs that don't pay taxes in the US on their corporations? Obama supporters...GE is the biggest.
  • by Anonymous on Aug 8, 2011 at 01:50 PM
    I just got on here and I am not catching up by reading all 362 comments but heard something funny. How Obama's Admin constantly talks about how he inherited this and that from Bush, someone told we Obama also inherited a AAA rating and look what he did with that. Hahaha Kinda funny. You guys are way to serious.

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