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7:45 AM ET, August 6, 2011

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 Top Items: 
Political Punch:
Govt Officials: US Expecting S&P Downgrade — Based on ‘Serious Mistake’ in Analysis*  —  Two government officials tell ABC News that the federal government is expecting and preparing for bond rating agency Standard & Poor's to downgrade the rating of U.S. debt from its current AAA value.
RELATED:
Walter Brandimarte / Reuters:
United States loses AAA credit rating from S&P  —  (Reuters) - The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday in an unprecedented reversal of fortune for the world's largest economy.  —  S&P cut the long-term U.S. credit rating by one notch to AA-plus …
Damian Paletta / Wall Street Journal:
Math Error Fuels Fight Over Rating  —  A mathematical error discovered late Friday by Treasury Department officials threw into limbo, at least temporarily, plans by ratings firm Standard & Poor's to downgrade the top-notch AAA credit rating the U.S. has held for 70 years, people familiar with the matter said.
Paul Krugman:
S&P and the USA  —  OK, so Standard and Poors has gone ahead with the threatened downgrade.  It's a strange situation.  —  On one hand, there is a case to be made that the madness of the right has made America a fundamentally unsound nation.  And yes, it is the madness of the right …
Discussion: HousingWire, Hullabaloo and Guardian
Washington Post:
S&P downgrades U.S. credit rating for first time  —  Standard & Poor's announced Friday night that it has downgraded the United States credit rating for the first time, dealing a huge symbolic blow to the world's economic superpower in what was a sharply worded critique of the American political system.
MarketBeat:
S&P Downgrades U.S. Debt Rating — Press Release  —  Standard & Poor's took the unprecedented step of downgrading the U.S. government's “AAA” sovereign credit rating Friday in a move that could send shock waves through global.  The following is a press release from Standard & Poor's:
standardandpoors.com:
United States of America Long-Term Rating Lowered To ‘AA+’ Due To Political Risks, Rising Debt Burden; Outlook Negative … TORONTO (Standard & Poor's) Aug. 5, 2011—Standard & Poor's Ratings Services said today that it lowered its long-term sovereign credit rating on the United States of America to ‘AA+’ from ‘AAA’.
Tyler Durden / zerohedge.com/fullrss2.xml:
S&P Downgrades US To AA+, Outlook Negative - Full Text  —  United States of America Long-Term Rating Lowered To ‘AA+’ On Political Risks And Rising Debt Burden; Outlook Negative  —  We have lowered our long-term sovereign credit rating on the United States of America to ‘AA+’ from ‘AAA’ and affirmed the ‘A-1+’ short-term rating.
John Detrixhe / Bloomberg:
S&P Cuts U.S. Rating for First Time on Deficit Reduction Pact  —  The U.S. had its AAA credit rating downgraded for the first time by Standard & Poor's, which slammed the nation's political process and said lawmakers failed to cut spending enough to reduce record deficits.
New York Times:
S.& P. Cuts U.S. Debt Rating for First Time  —  WASHINGTON — Standard & Poor's removed the United States government from its list of risk-free borrowers for the first time on Friday night, a downgrade that is freighted with symbolic significance but carries few clear financial implications.
Matthew Yglesias / ThinkProgress:
Boehner's Folly Leads To S&P Downgrade of US Debt  —  I'm no expert, but I don't think S&P downgrading its rating of US debt will, as such, have any really big practical implications other than becoming the next political football.  If you look at S&P's definition of the AA rating, after all …
Discussion: HotAirPundit
MarketBeat:
U.S. Debt Rating in Limbo as Treasury Finds Math Mistake by S&P in Downgrade Warning  —  A mathematical error discovered late Friday by Treasury Department officials has thrown into limbo — at least temporarily — plans by ratings firm Standard & Poor's to downgrade the top-notch AAA credit rating …
Jamie Klatell / The Hill:
Reid: S&P downgrade backs Dems' call for more revenue  —  Standard & Poor's decision to downgrade the nation's credit rating reinforces Democrats' call for increasing tax revenue, Senate Majority Leader Harry Reid (D-Nev.) said Friday.  —  In a statement, Reid said:
Tyler Cowen / Marginal Revolution:
A few quick thoughts on the likely pending S&P downgrade
Discussion: MarketBeat
The Politico:   U.S. credit rating downgraded
Steve Goldstein / MarketWatch:   U.S. triple-A debt rating cut by Standard & Poor's
Daniel Indiviglio / The Atlantic Online:
Report: S&P Preparing to Downgrade the U.S.—But Why?
Discussion: Viking Pundit
Felix Salmon:
Why the S&P downgrade was delayed
Megan McArdle / The Atlantic Online:
US Faces Ratings Downgrade from S&P
Ezra Klein / Washington Post:
Five thoughts on the potential S&P downgrade
Discussion: Hullabaloo and Crooks and Liars
blogs.abcnews.com:
Govt official: US expecting S&P downgrade
Discussion: Outside the Beltway
Jason Cherkis / The Huffington Post:
Rick Perry's College Transcript: A Lot Of Cs and Ds … WASHINGTON — As governor of Texas, Rick Perry has pursued a controversial agenda that would gut Texas' vaunted public university system in favor of something that more closely resembles a business.  —  As the Washington Post reported on Thursday …
RELATED:
Beltway Buzz:
Rick Perry: “I Pray for the President Everyday”
Discussion: Politics and The Page
William A. Jacobson / Le·gal In·sur·rec· tion:
We'll take the jobs and economic growth, you keep the credentials
Greg Sargent / Washington Post:
The Incredible Shrinking Tea Party  —  If there's one thing the debt ceiling battle revealed, it's that the Tea Party continues to enjoy outsized influence in Washington in general and over the GOP in particular.  —  So it's interesting to note that according to the internals of today's New York Times poll …
Greg Sargent / Washington Post:
Why Democrats are very nervous about Wisconsin  —  Publicly, Democrats are projecting great confidence about the likelihood of taking back the Wisconsin state senate in the upcoming recall elections.  They claim their private polling shows them ahead or tied in all six races targeting GOPers for recall …
 
 
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 More Items: 
New York Times:
Dozens Killed as NATO Helicopter Shot Down in Afghanistan
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Annie Lowrey / Slate Magazine:
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Discussion: Firedoglake
 Earlier Items: 
THIRDWAVEDAVE:
TEA PARTY EXPRESS WISCONSIN: “HUDSON, LA CROSSE” EDITION—updated
Rasmussen Reports:
54% Think Obama's Reelection At Least Somewhat Likely
Ta-Nehisi Coates / The Atlantic Online:
A Modest Proposal  —  Reading this...  And thinking back on this, by the same writer...
Discussion: Gothamist
Ed Morrissey / Hot Air:
Video: They're still not listening to Rick Santelli
Jennifer Epstein / The Politico:
Obama ‘smarter’ than critics, says Alan Simpson
Discussion: The Spot and Weasel Zippers
Kathie Obradovich / Iowa Caucuses:
Santorum: Courts have created ‘super-right’ of sexual liberty
Discussion: ThinkProgress and TPMDC