So what gives with the Standard and Poor’s AAA rating drop on the U.S. debt from stable to negative? It can be chalked up to one thing; Obama’s depressing budget speech to Georgetown University last week. His speech showed in a very real way his administration has no intention of reining in debt this year or next and possibly, God forbid , a second term.
In Obama’s diatribe, the S&P saw not policy in the making, but instead a campaign roadmap and it did not sit well. Paul Ryan said of Obama’s budget speech that it would be remembered as a “defining moment” and that moment has come sooner than later.
What the Republicans and the Standard and Poor took home from Georgetown was that Obama had indeed poisoned the well and no longer would the GOP, and American business, be able to deal with an administration that has no long term fiscal plan, continues to lie and refuses to deal in good faith on anything, much less the financial future of this country. The Georgetown speech was a weary and dangerous reminder of what can happen when government get too big and falls into the wrong hands.