President Obama took to the mic this afternoon to address the dreaded S&P downgrade.
"On Friday, we learned that the United States received a downgrade by one of the credit rating agencies — not so much because they doubt our ability to pay our debt if we make good decisions, but because after witnessing a month of wrangling over raising the debt ceiling, they doubted our political system’s ability to act."
He dismissed S&P decision to drop the country’s credit rating down a notch to AA and blamed the downgrade on political gridlock in Washington.
"Markets will rise and fall, but this is the United States of America," Obama said in his press conference. "No matter what some agency may say, we've always been and always will be a triple-A country."
Lawrence O'Donnell on Standard & Poors - it was something to behold.
Rachel Maddow also did a pretty good piece on it, explaining how Republican brinksmanship and threats to allow the U.S. to default on its debt led to the downgrade by Standard and Poor's.