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Were also triple a. it s ludicrous. if our country was a business and i said to my investors, i m borrowing more than half of what i m spending, i have no leadership. i have no plan and it absolutely is not going to be my fault? do you really think what would happen i d be out of business already. of course, this is what they needed to do. remember, they don t make decisions just for us. they make a global decision to say where is our best investment and they said i don t know why anybody is surprised. they said if you don t do these things, right, they gave us a cheat sheet. if you don t do these things, this is what s going to happen. so we sit back going i can t believe it happened. are we arrogant or stupid? $4 trillion in cuts is what they wanted. the effects on small business will be devastating. devastating. not just on small business but employees. we carry the brunt of the weight. don t confuse small businesses with g.e. and the big, big massive companies. those ar ....
Now, worse than that is just flat out double a. that would include bermuda, kuwait, slovenia and spain and spain is in full crisis mode. very important to point out, let s take a look at double a minus rating. china, japan, israel, saudi arabia and taiwan. not only did s&p on friday downgrade our debt, they put us on the watch list which means their next move is likely another downgrade. not back up to triple a like we want and we hope we can get back into a triple a but are the next six to 24 months, they re not even considering us into triple a. they re worried that we ll go to a double a minus. never know how far. it could take nine to 18 years to get back up to triple a. once you get downgraded. it s like your gpa. get a c in there, it s kind of ....
Taxi to a gate on its own without help. the flight was traveling between salt lake city and long beach. 147 passengers were on board at the time. heather: america s pristine credit rating pristine no more. standard and poors decision to knock the credit worthiness down a notch rippling throughout the world. john chambers head of the rating committee explains the decision. we lowered the rating on the united states government to double a plus from triple a. the rating was motivated by a number of factors. one was the political gridlock in washington, which makes us think that it will be difficult for elected officials to put the fiscal profile of the u.s. government on a long-term sustainable path. and part of it was because of the fiscal path itself. heather: steve centanni is live in washington. steve, how is the white house reacting? well, heather, the white ....
Capacity to meet commitments. what does the downgrade mean for the american people. steve moore. i have to say that the number one worry on people s mind, how will we feel the down depraid? it is a black eye for america s position in the global economy. you mentioned countries that are in our country as double a. this does not mean that america is a double a country. we are still triple a. who cares what s&p rates us. they don t have the greatest record for rating companies or debt. they gave triple a bond ratings to the subprime bond mortgages a week before the crash. the whole episode is not just the last couple of weeks but last five years when we have almost doubled the national ....
The dow has ever dropped that many days in a row. at least in more than 30 years. a drom of close to 7%. there were fears the country s credit rating would drop from triple a. that did not happen today. but moody s investor service did change the outlook for the united states to negative. the a.a.a. rating stays for moody s for now. but there is nor to be weighed in. the president signed the bill today even though it s not the balanced package he was demanding, at least not in the first stage. it includes spending cuts, but no tax increases. still, this is far from over. the president is saying today he ll keep the fighting up in the second stage to end tax breaks and loopholes for the richest americans and corporations. can t make it tougher for young people to go to college or ask seniors to pay more for health care or ask scientists to give up on promising medical research because we couldn t close a tax shelter for the most fortunate among us. everyone is going to have to chip in ....