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10:35 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:
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 …
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 …
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:
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: Swampland, Guardian and Corrente
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.
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 …
Ezra Klein / Washington Post:
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.”
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:
Ezra Klein / Washington Post:
Five thoughts on the potential S&P downgrade
Discussion: Hullabaloo and Crooks and Liars
Robert Reich:
Why S&P Has No Business Downgrading the U.S.
Discussion: Balloon Juice
MarketBeat:
U.S. Debt Rating in Limbo as Treasury Finds Math Mistake by S&P in Downgrade Warning
Felix Salmon:
Why the S&P downgrade was delayed
Tyler Cowen / Marginal Revolution:
A few quick thoughts on the likely pending S&P downgrade
Discussion: The Atlantic Online
The Politico:
U.S. credit rating downgraded
Discussion: CNN
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
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:
Beltway Buzz:
Rick Perry: “I Pray for the President Everyday”
Discussion: Politics and The Page
Ed Morrissey / Hot Air:
Hypocrisy, irony, and the New Civility  —  Meet Froma Harrop, syndicated columnist and head of the National Conference of Editorial Writers, a group that has a project called Restoring Civility as a featured part of its website.  Her twice-weekly column appears in more than 200 newspapers, and she also blogs at RealClearPolitics.
Thomas W. Lippman / Washington Post:
Washington's uneasy alliance with Bahrain  —  The political crisis in Bahrain appears to have subsided, even if the issues that provoked it remain unresolved.  Now, the challenge before Washington is redefining the terms on which it deals with an important but seriously tarnished ally.
Discussion: Eunomia and The Daily Dish
 
 
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 Earlier Items: 
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White House has new talking points
Discussion: Firedoglake
THIRDWAVEDAVE:
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Rasmussen Reports:
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Ta-Nehisi Coates / The Atlantic Online:
A Modest Proposal  —  Reading this...  And thinking back on this, by the same writer...
Discussion: Gothamist
Greg Sargent / Washington Post:
Why Democrats are very nervous about Wisconsin