August 3rd, 2012
08:48 PM ET

Triple-A downgrade one year later: Sen. Warner says, "We're just one budget deal away from preeminence for decades"

It is 365 days since the United States lost its top-tier Triple A credit rating. Standards and Poor (S&P) lowered the U.S. credit rating to AA+ out of concern over big budget deficits and rising debt.

"The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics," S&P said in a statement.

Sen. Mark Warner (D-VA), a former member of the gang of six, a group of three Democrats and three Republicans who worked to find a compromise on the U.S. debt crisis. The resolution brought by the group was met by praise from the President and criticism from Republicans. Like other debt crisis initiatives, Bowles-Simpson and the Super Committee, Congress failed to act to save the U.S. from the fiscal cliff.

CNN's Erin Burnett talks to Sen. Mark Warner about what the downgrade has done to the U.S. economy and what Congress is doing to get us back to Triple-A.

Filed under: Economy • Politics • S&P Triple-A Downgrade
soundoff (3 Responses)
  1. Kevin A. Lewis

    All very true, Schyler, but as long as the all-day suckers in red territories keep sending Tea Party carpetbaggers to Washington, it's just gonna get worse...Maybe our new national slogan ought to be "We Are The 1% And WE OWN YOU! Get used to it!!! (Massa knows best, after all)

    August 4, 2012 at 3:33 pm | Reply
  2. Schyler

    The part about manipulating agricultural futures above is my own opinion of happenings and timings, not about any person or person's specifically.

    August 4, 2012 at 2:11 am | Reply
  3. Schyler

    Here's a suggestion from a nobody in the middle of nowhere. To fix the economy, let's try passing a few laws that govern the Banking systems and WALL STREET more. It's about giving the American people a "chance" to survive. Companies, IE employees can't survive if the only people/thing the companies they work for are held accountable by are their bankers and shareholders. A few dishonest bankers/banks and more than a few people on Wall Street are just plain "greedy" (right to the very edge of dishonesty). Banks encourage companies to borrow, borrow, and use those loan amounts to enlarge their "net paper worth". Then they foreclose when the auditors show up. A few Wall Street brokers have been trading in agricultural futures just before every national holiday (timing ecoli, etc scares even though the reported violation may have happened months prev.) for years. Is anybody watching?? They manipulate the market by buying low after a scare, then selling a few weeks later when the prices on food do (and always will go back up). No sweat involved, it's all on paper. Also, corporate shareholders profits are holding American employees hostage to their whims. The largest expense you can control is payroll. The company I worked for for almost 8 years just kept implementing "less payroll budget" per week until the managers (salaried) ended up working 80 hours a week or more with 00 time off for months on end and some just quit. Not bad if you make at least $100,000 a year, not so much fun if you make under $30,000. Replace with minimum wage employees (who'll only last about 4 months tops) Problem solved, right? Limiting the hours for 25% of employees in each store to 8 yet still expecting full commitment, allowing zero benefits. A recipe for total failure of the economy if you ask me. Maybe laws about that should be implemented too. I'm one of those who at one time applied for unemployment. Because I quit, I was denied benefits for the first 14 weeks. Appealed on the above basis and "WON". More a moral victory than financial but just as enlightening.

    August 4, 2012 at 2:07 am | Reply

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