memeorandum: S&P credit rating analysis values spending cuts more than tax revenue (Pete Kasperowicz/The Hill)

7:10 PM ET, August 6, 2011

Top Items:

Standard & Poor's has been wrong before. But they're right now. — Standard Poor's decision to downgrade the United States has led to a lot of criticism of Standard Poor's. The White House called their performance, which included a miscalculation of about $2 trillion, “amateur hour.”

Discussion: NO QUARTER, The Moderate Voice, The Reality-Based Community, Washington Monthly, Bark Bark Woof Woof, Balloon Juice, standardandpoors.com and The Politico

Jamie Klatell / The Hill:

White House: S&P downgrade is why Obama ‘pushed for grand bargain’ — The White House reacted to the Standard & Poor's downgrade of the U.S. credit rating by calling for more bipartisan compromise to “put our nation on a stronger fiscal footing.” — But the administration didn't miss the chance to say, in essence, “I told you so.”

Discussion: Liberal Values, The Gateway Pundit, Weasel Zippers, Michelle Malkin, Le·gal In·sur·rec· tion, CNN, ThinkProgress and JammieWearingFool

Josh Boak / The Politico:

S&P warns of a second downgrade — One day after lowering the nation's platinum triple-A credit rating, Standard & Poor's analysts warned Saturday that the U.S. government could face a second downgrade if the economy continues to struggle and the government fails to make the cuts outlined in the debt ceiling agreement.

Discussion: Outside the Beltway

Reuters:

China tells U.S. “good old days” of borrowing are over — (Reuters) - China bluntly criticized the United States on Saturday one day after the superpower's credit rating was downgraded, saying the “good old days” of borrowing were over. — Standard & Poor's cut the U.S. long-term credit rating …

Discussion: MacroScope, Sydney Morning Herald, americanthinker.com, Questions and Observations, The Moderate Voice, The Political Carnival and The Lonely Conservative

Pete Kasperowicz / The Hill:

S&P credit rating analysis values spending cuts more than tax revenue — Standard & Poor's laments the possibility cuts to entitlement programs won't materialize and the decreasing likelihood of new tax revenues. — The decision by Standard & Poor's to downgrade the U.S. credit rating to …

Discussion: The Hill and Politics

Xinhua News Agency:

After historic downgrade, U.S. must address its chronic debt problems — The days when the debt-ridden Uncle Sam could leisurely squander unlimited overseas borrowing appeared to be numbered as its triple A-credit rating was slashed by Standard & Poor's (S&P) for the first time on Friday.

Discussion: BBC, Guardian and Samizdata.net

Kevinliptak / CNN:
TRENDING: GOP candidates slam Obama after downgrade

Discussion: zerohedge.com/fullrss2.xml, Firedoglake, CBS News, The Politico, AMERICAN FUTURE, Towleroad News #gay, The Hill, Felix Salmon and Daily Kos

Robert Reich:
Why S&P Has No Business Downgrading the U.S.

Discussion: naked capitalism, The Greenroom, Outside the Beltway, neo-neocon, The Daily Caller, Patterico's Pontifications, Daniel W. Drezner and FrumForum

Wall Street Journal:
S&P Strips U.S. of Top Credit Rating

Discussion: Politics, Guardian, Fortune, Swampland, Corrente, New York Times, Firedoglake and CNNMoney.com

Paul Krugman:
S&P and the USA — OK, so Standard and Poors has gone ahead …

BBC:
US loses AAA credit rating after S&P downgrade

Discussion: Weasel Zippers, Exile On Wall Street, Mother Jones, International Liberty, Hullabaloo and Outside the Beltway

CNN:
Questions abound after agency downgrades U.S. credit rating

Discussion: Poynter and Alan Colmes' Liberaland

Mark Steyn / National Review:
The Downgrade Begins — As the author of a suitably apocalyptic book …

Discussion: ThinkProgress, New York Magazine, Pajamas Media and And So it Goes in Shreveport

New York Times:

Copter Downed by Taliban Fire; Elite U.S. Unit Among Dead — KABUL, Afghanistan — In the deadliest day for American forces in the nearly decade-long war in Afghanistan, insurgents shot down a Chinook transport helicopter on Saturday, killing 30 Americans, including some Navy Seal commandos …

Discussion: Atlas Shrugs, BBC, Patterico's Pontifications, Hot Air, Iowa Caucuses, The Gateway Pundit, Truthdig, emptywheel, Politics, New York Magazine, americanthinker.com, Gothamist and The Agonist

Associated Press:

Helicopter Crash in Afghanistan Kills Members of SEAL Team 6 — WASHINGTON — The Associated Press has learned that more than 20 Navy SEALs from the unit that killed Osama bin Laden were among those lost in a helicopter crash in Afghanistan. — The operators from SEAL Team Six were flown …

Discussion: Wizbang, Alan Colmes' Liberaland, Power Line, The Moderate Voice, Doug Ross, Weasel Zippers, Telegraph, Runnin' Scared, Moonbattery and Fox News Insider

Kevin Sieff / Washington Post:
NATO copter downed; Navy SEALs among the 30 U.S. dead

Discussion: Guardian, Outside the Beltway, LewRockwell.com Blog and The Moderate Voice

Solomon Moore / Associated Press:
31 Americans, 7 Afghans killed in helicopter crash

Discussion: The Jawa Report, Wizbang, Sense of Events, Scared Monkeys and Weasel Zippers

Martha Raddatz / ABCNEWS:
31 Americans Killed Including 25 SEALs in Helicopter Crash in Afghanistan

Discussion: The Long War Journal, American Forces Press Service, Online NewsHour and Gawker

CNN:
U.S. official: About two dozen U.S. deaths in Afghan copter crash

Discussion: The Raw Story, Associated Press, Michelle Malkin, Weasel Zippers, Firedoglake, Runnin' Scared and neo-neocon

Kasie Hunt / The Politico:

Perry prays for the U.S. — HOUSTON — Texas Gov. Rick Perry prayed with more than 20,000 worshipers at an all-day Christian gathering here — and while he talked about God, not the Oval Office, he repeatedly hit on the themes that would drive his potential presidential campaign.

Discussion: Runnin' Scared, The Note, JammieWearingFool, Towleroad News #gay and New York Magazine

Manny Fernandez / New York Times:

Perry Leads Prayer Rally for ‘Nation in Crisis’ — HOUSTON — Standing on a stage surrounded by thousands of fellow Christians on Saturday morning, Gov. Rick Perry called on Jesus to bless and guide the nation's military and political leaders and “those who cannot see the light in the midst of all the darkness.”

Discussion: New York Magazine, Gawker and Towleroad News #gay

Michael O'Brien / Ballot Box:
Perry's prayer gathering sets stage for national attention

Discussion: CNN and The Note

Joe Nocera / New York Times:

The Tea Party, Take Two — In the four months since I began writing an Op-Ed column, the thing that has most surprised me is how darned liberal I sound sometimes. I know that seems like a strange thing to say, so let me explain. — Growing up in heavily Democratic Providence, R.I. …

Discussion: Power Line, Riehl World View, NewsBusters.org blogs, PERRspectives, Weasel Zippers, JammieWearingFool and Daily Kos

Alexander Bolton / Ballot Box:

Mystery Romney supporter reveals himself after calls for investigation — Edward Conrad, a former executive at Bain Capital, has revealed himself as the mystery donor who gave a $1 million corporate contribution to a special political action committee supporting Mitt Romney.

Discussion: The Political Carnival

Maggie Haberman / The Politico:
Mystery Mitt Romney donor comes forward

Discussion: Talking Points Memo, The Raw Story, msnbc.com and TPMDC

Noel Sheppard / NewsBusters.org blogs:

Former Obama Economic Adviser on Downgrade: We're ‘Pretty Darn F—ked’ — Christina Romer, the former chair of Obama's Council of Economic Advisers on Friday offered a rather strong opinion concerning the announcement by Standard & Poor's that the credit rating agency downgraded America's debt to AA+.

Discussion: Scared Monkeys, The Gateway Pundit, Breitbart.tv and The Lonely Conservative

Kurt Andersen / New York Times:

The Madman Theory — I had breakfast this week with one of Hollywood's most ferocious, self-confident and successful doers of deals. He was still steamed about what an unforgivably lousy negotiator his president had been on the debt ceiling agreement. — One particular Obama move he found appalling above all the rest.

Joseph Rago / Wall Street Journal:

Obama and the Narcissism of Big Differences — ‘He becomes visibly agitated. . . . He does not like to be challenged on policy grounds,’ says the House majority leader of the president. — New York — Whatever the rhetoric that preceded this week's deal, the debt-ceiling debate was never really about the debt at all.

Discussion: Hot Air, Nice Deb, PoliPundit.com and Power Line