OBAMA APPLAUDS HIS ACCOMPLISHMENTS

S&P's Warning on Deficits Could Strengthen 'Gang of Six'

• Submitted  by Asst Natl Dir Mellie B on April 19, 2011 at Patriot Action Network 

But the bipartisan group of senators still faces an uphill battle.

By Clifford Marks

Monday, April 18, 2011 .

Chris Hondros/Getty Images

Soaring federal debt has sparked new warnings that the U.S. might eventually lose its Triple-A credit rating.

The markets ultimately shrugged off Standard and Poor's downgrade on Monday of America's debt outlook, but the report's pointed criticism of legislative gridlock may give a boost to budget compromise efforts led by a bipartisan group of senators known as the "Gang of Six."
The ratings agency cited bipartisan bickering as the main reason for deciding to lower its outlook on the United States' creditworthiness from "stable" to "negative." The downgrade means, S&P added, that it thinks there is at least a one-in-three chance it could lower America's Triple-A rating in the next two years. The main reason: concern that political intransigence on both sides of the aisle will derail agreement on long-term deficit reduction.

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