Friday, August 05, 2011

S&P downgrades U.S. credit rating due to GOP anti-tax stance

Citing doubts about the ability of the United States to service its debt without new sources of revenue, Standard & Poors has downgraded the credit rating of the United States.

The responsibility for this downgrade lies squarely at the feet of Eric Cantor and the Republican Party in Congress for their irresponsible anti-tax stance.

The next thing to look for is whether this downgrade leads to Virginia losing its coveted AAA bond. Such a downgrade would amount to a tax increase on everyone in Virginia, again, thanks to Eric Cantor.

For additional background on Cantor's role in creating this mess, read Peter Galuszka's column in Style Weekly entitled "Cantor's Charade." In his pursuit of personal political advantage, Eric Cantor has badly damaged the United States and the Commonwealth of Virginia.

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