Whiny teenagers react as expected to the adults threatening to take away the credit card.
From MarketBeat who are all over the story:
The Obama administration said Monday Standard & Poor’s negative outlook on long-term U.S. debt underestimates the country’s ability to face fiscal challenges....MOREAlso at MarketBeat:
U.S. Debt Outlook: We’re On the S&P Call …
Moody’s Fires Back: Stays Stable on U.S. Outlook …
S&P Ratings Move: Debt Market Reaction Raises Some Questions
U.S. ‘Outlook to Negative’: ‘A Real Shot Across the Bow’
As we noted earlier, Congress had already taken action after a Chinese rating agency downgraded the U.S. last November:
After Downgrade by Chinese Rating Agency Ünited Stätes Toughens Image With Umlauts
WASHINGTON, DC—In a move designed to make the United States seem more "bad-assed and scary in a quasi-heavy-metal manner," Congress officially changed the nation's name to the Ünited Stätes of Ämerica Monday.
"Much like Mötley Crüe and Motörhead, the Ünited Stätes is not to be messed with," said Sen. James Inhofe (R-OK). An upcoming redesign of the Ämerican flag will feature the new name in burnished silver wrought in a jagged, gothic font and bolted to a black background. A new national anthem is also in the works by composer Glenn Danzig, tentatively titled "Howl Of The She-Demon." Source