Geithner: S&P Showed Terrible Judgment

By: Associated Press
By: Associated Press

WASHINGTON (AP) -- Treasury Secretary Timothy Geithner says the credit rating agency Standard & Poor's showed "terrible judgment" in lowering the U.S. government's credit rating.

Geithner said the agency's decision showed a "stunning lack of knowledge" about the basic math used to develop the federal budget.

Republicans have blamed President Barack Obama for the first downgrade of the government's credit rating.

But Geithner says Congress owns the credit rating because the Constitution gives Congress the power to tax and spend.

Standard & Poor's on Friday cut the nation's top-ranked "AAA" credit rating to "AA+" Friday night.

You must be logged in to post comments.

Password (case sensitive):
Remember Me:

Read Comments

Comments are posted from viewers like you and do not always reflect the views of this station.
  • by onefarmer Location: St Johns on Aug 8, 2011 at 08:14 PM
    When it comes to the budget it is the fault of every President and Congress since there has been the run away deficits like the last 40 yrs
  • by Anonymous on Aug 8, 2011 at 01:46 PM
    I may not be an expert, but considering what has happened all over the world wtih stock markets I would say Geithner was right. Think they wanted to give the government a black eye and did a whole lot worse. Their judgement was so wonderful with their AAA ratings of banks that went under in 2008. Think they need to get out of the credit business.
  • by Kelly Location: Lansing on Aug 8, 2011 at 08:25 AM
    Geithner (aka tax cheat) and the rest of the Obama Administration are the ones showing a 'stunning lack of knowledge'. It doesn't take a math genious, or even a tax cheat, to understand that if we borrow more and spend more money than we take in, our credit rating will be negatively affected. The Administration's answer? They would like to simply take in (tax) more to make up the difference. Anyone living in reality understands that we need to cut spending ... not borrow, tax or spend more.
  • by Anonymous on Aug 8, 2011 at 06:02 AM
    And this is coming from guys whose boss is a fool. Obama could have blown over the entire thing by following clinton's lead 16 years ago. He could have let the republican do all the work. If they failed, he had an escape goat, if they succeed, he got all the credit.
  • by Anonymous on Aug 8, 2011 at 04:17 AM
    Said the agency's decision to downgrade the U.S. credit rating showed a "stunning lack of knowledge" This is the same guy who showed a stunning lack of knowledge when paying his taxes. This is the most corrupt administration ever.
WILX 500 American Road Lansing, MI 48911 517-393-0110
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 127123898 -
Gray Television, Inc.