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12:20 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.
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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: Hullabaloo
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:
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 …
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:
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.
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:
Politics:
S&P DOWNGRADES US AAA Rating  —  UPDATE: Reuters: President Obama was briefed in advance on S&P downgrade before flying to Camp David in afternoon, continues to get updates - administration official  —  UPDATE: S&P's David Beers: “It's always possible the rating will come back, but we don't think it's coming back any time soon.”
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’.
Discussion: NewsBusters.org and DealBook
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.
Discussion: Online NewsHour
John Detrixhe / Bloomberg:
S&P Cuts U.S. Rating for First Time on Deficit Reduction Pact
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
Megan McArdle / The Atlantic Online:
US Faces Ratings Downgrade from S&P
Discussion: Politics and Balloon Juice
The Politico:   U.S. credit rating downgraded
Tyler Cowen / Marginal Revolution:
A few quick thoughts on the likely pending S&P downgrade
Discussion: Washington Post and MarketBeat
CBS News:
S&P downgrades U.S. debt
Discussion: Crooks and Liars and Firedoglake
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:
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 …
RELATED:
Local News:
Click on the video link to see raw video of police and sheriff's deputies investigating the scene.  —  Did you witness the attacks outside State Fair, or were you attacked?  Were you hurt?  E-mail us your story!  —  WEST ALLIS - Witnesses tell Newsradio 620 WTMJ and TODAY'S TMJ4 of a mob …
RELATED:
JSOnline:   State Fair melees produce 11 injuries, 31 arrests
Leary / nation.foxnews.com:
Obama's Hip-Hop BBQ Didn't Create Jobs  —  POLITICO EXCLUSIVE — The President's private 50th birthday bash, not listed on his public schedule: His gift to the press corps was a travel/photo lid shortly after 4 p.m., prompting what pooler Julie Mason called “general cheering in WH workspace.”
RELATED:
Ta-Nehisi Coates / The Atlantic Online:
A Modest Proposal  —  Reading this...  And thinking back on this, by the same writer...  It occurs to me that we really need a world with more murders, more failing schools, more grocery stores with rotting vegetables, more bodegas with old milk, more teen-pregnancy, more homeless, more crack …
RELATED:
Sam Roberts / New York Times:
Striking Change in Bedford-Stuyvesant as the White Population Soars
Discussion: Gothamist
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: Mother Jones
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 …
Ed Morrissey / Hot Air:
Video: They're still not listening to Rick Santelli  —  Want to see a microcosm of everything that's been wrong with American economic policy over the last couple of years?  Watch this exchange between Ezra Klein and Rick Santelli from earlier today on MSNBC's Morning Joe.
 
 
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 More Items: 
Wall Street Journal:
Elisabeth Murdoch Won't Join News Corp. Board
Discussion: Deadline.com and Media Decoder
Valerie Jarrett / The Huffington Post:
Why I'm Proud to Be Part of President Obama's Team
Julie Mason / Reuters:
White House has new talking points
THIRDWAVEDAVE:
TEA PARTY EXPRESS WISCONSIN: “HUDSON, LA CROSSE” EDITION—updated
Rasmussen Reports:
54% Think Obama's Reelection At Least Somewhat Likely
Discussion: Daily Pundit
Jennifer Epstein / The Politico:
Obama ‘smarter’ than critics, says Alan Simpson
Discussion: The Spot and Weasel Zippers
 Earlier Items: 
Kathie Obradovich / Iowa Caucuses:
Santorum: Courts have created ‘super-right’ of sexual liberty
Discussion: ThinkProgress and TPMDC
RealClearPolitics Video Log:
John Kerry: Media Has “Responsibility” To “Not Give Equal Time” To Tea Party