The Rating Agencies Play Politics
Erin Burnett, the former Street Sweetie on CNBC who has now moved over to CNN, and I guess last night was her first show on CNN. They sent her out there, or she rushed out there, to make a point that Boehner’s plan may not be enough to stop S&P from downgrading America. Now, that’s all well and good, but there’s no other plan out there. The president doesn’t have a plan, and he doesn’t care about the S&P downgrade. I take it back. There are other ideas. DeMint’s idea is great: Just go back to 2007 spending levels, or go back to 2008 spending levels or what have you. The last plan that Obama had was his budget in February, and it got wiped out 97-to-zero. Ninety-seven to zero! Not one Democrat voted for Obama’s budget, and that is the last plan that we had from him.
So we’ve had the Ryan plan. We’ve had Cut, Cap, and Balance. We’ve had the Balanced Budget Amendment. Now we’ve got Boehner’s two-step plan. We’ve offered all kinds of plans, and they sent Erin Burnett out there to say that Boehner’s plan may still trigger the S&P downgrade. The chief business correspondent is Erin Burnett, and Wolf Blitzer said, “Earlier you suggested that one investor who was briefed by some of the ratings agencies said that if Boehner’s plan’s approved it might still result in some sort of ratings reduction for the country, whereas if Harry Reid’s plan’s approved, the US AAA rating might not go down. I want you to explain what that means.”