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2:40 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: Guardian and 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:
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.
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’.
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
Tyler Cowen / Marginal Revolution:
A few quick thoughts on the likely pending S&P downgrade  —  1. The Republican Party made a big, big mistake passing up a chance for a “grand bargain” with Obama.  It's time to be a realist about revenue increases, rather than signaling ideological purity.  And let's get a better rather …
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 and HotAirPundit
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  —  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.
Jamie Klatell / The Hill:
Reid: S&P downgrade backs Dems' call for more revenue
The Politico:   U.S. credit rating downgraded
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
Steve Goldstein / MarketWatch:
U.S. triple-A debt rating cut by Standard & Poor's
Felix Salmon:
Why the S&P downgrade was delayed
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:
JSOnline:
State Fair melees produce 11 injuries, 31 arrests  —  By Don Walker, Mike Johnson and Breann Schossow of the Journal Sentinel  —  Unprecedented violence on the opening night of the Wisconsin State Fair by rampaging youths prompted extraordinary measures Friday: The head of the fair implemented …
Discussion: Power Line
RELATED:
Local News:
Click on the video link to see raw video of police and sheriff's deputies investigating the scene.
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 …
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:
Jesse Russell / Dane101:
Wisconsin to NOLA: Rep. Pocan kicked out of ALEC event; ThinkProgress reporters accosted  —  State Rep. Mark Pocan (D-Madison), a dues paying member of the American Legislative Exchange Council, was kicked out of a corporate sponsored reception last night.  Pocan is in New Orleans attending …
 
 
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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
Discussion: Firedoglake
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
 Earlier Items: 
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
RealClearPolitics Video Log:
John Kerry: Media Has “Responsibility” To “Not Give Equal Time” To Tea Party