Submitted by Tom Sullivan on Sun, 08/07/2011 - 3:21pm
Just because the media is tiptoeing around mentioning this doesn't mean I have to. From S&P's explanation of the U.S. debt downgrade:
Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place.We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.
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