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posted: 8/28/2011 5:00 AM

Here's why S&P lowered credit rating

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Response to Aug. 19 letter to the editor, entitled "Obama zigged when he should have zagged": The author stated that President Obama gave Standard & Poor's the data it needed to lower our credit rating.

According to David Beers, Standard & Poor's global head of sovereign ratings, and John Chambers, Standard & Poor's chairman of the sovereign ratings committee, the reason Standard & Poor's decided to lower the U.S. credit rating from AAA to AA+ was due to basically two reasons: 1. They felt that the inability of the United States government, to take decisive action on fiscal issues and their difficulties in trying to reach consensus, would continue to create uncertainty. 2. The agreement on the debt consolidation program fell short in both the size and the scope needed to stabilize the debt.

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In other words, our politicians in Washington are continuing their battle for political power, disregarding their job to act responsibly for the common good. Please contact your representatives and senators in Washington and urge them to put aside their political differences and take decisive action on fiscal issues and get us on the road to financial stability.

CJ Truesdale

Wheaton

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