S&P States the Obvious

"Politicians did not get much time to pat themselves on the back for supposedly rescuing the economy with the debt limit deal last week.  The ink was barely dry when Standard & Poor's downgraded the US debt ratings anyway, roiling world financial markets.  Anyone who has taken an honest look at the government's fiscal situation, taken into account how Washington works and the direction it is going would have a very difficult time arguing with S&P's decision, although a strong case can be made that this was too incremental a downgrade and that it took far too long for S&P to admit the obvious."