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9:55 AM ET, August 6, 2011

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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:
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.
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 …
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 …
New York Times:
S.&P. Downgrades Debt Rating of U.S. For the 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.
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:
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.
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’.
Wall Street Journal:
S&P Strips U.S. of Top Credit Rating  —  Unprecedented Downgrade Comes After Last-Minute Standoff; Treasury Says Decision Is ‘Flawed by a $2 Trillion Error’  —  A cornerstone of the global financial system was shaken Friday when officials at ratings firm Standard & Poor's said U.S. Treasury debt …
Discussion: Guardian and Corrente
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.
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 …
Discussion: Pajamas Media and FT Alphaville
The Politico:
U.S. credit rating downgraded
Discussion: Washington Post and CNN
Jamie Klatell / The Hill:
Reid: S&P downgrade backs Dems' call for more revenue
Tyler Cowen / Marginal Revolution:   A few quick thoughts on the likely pending S&P downgrade
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
Ezra Klein / Washington Post:
Five thoughts on the potential S&P downgrade
Discussion: Hullabaloo and Crooks and Liars
Megan McArdle / The Atlantic Online:
US Faces Ratings Downgrade from S&P
Michael O'Brien / Ballot Box:
Perry's prayer gathering sets stage for national attention  —  Texas Gov. Rick Perry's (R) high-profile prayer gathering Saturday is set to pave the way for his possible but increasingly likely late entry into the race for the Republican presidential nomination.
Discussion: The Note
RELATED:
Jason Cherkis / The Huffington Post:
Rick Perry's College Transcript: A Lot Of Cs and Ds
Beltway Buzz:
Rick Perry: “I Pray for the President Everyday”
Discussion: Politics and The Page
New York Times:
U.S. Troops Killed as Copter Shot Down in Afghanistan  —  KABUL, Afghanistan — Insurgents shot down a NATO Chinook helicopter during an overnight operation in eastern Afghanistan, killing at least 37 people on board, a coalition military official said on Saturday.
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 …
 
 
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 More Items: 
Michael M. Grynbaum / City Room:
Port Authority Seeks Big Toll Increase
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Wall Street Journal:
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Discussion: Deadline.com and Media Decoder
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 Earlier Items: 
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Discussion: Firedoglake
THIRDWAVEDAVE:
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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
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Why Democrats are very nervous about Wisconsin
Ed Morrissey / Hot Air:
Video: They're still not listening to Rick Santelli