Summary
WASHINGTON - The S&P downgrade was more of a statement on the toxic political landscape in Washington than a comment on the nation's ability to pay its bills. But S&P has its own checkered history. Just a few years ago, the company gave its top triple-A rating to some of the mortgage-backed securities that helped cause the Great Recession.
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Extract
S&P's Political Judgment, Past Raise Questions
New York-based Standard and Poor's was upfront about its focus on the political angle, citing the long standoff between President Obama and Congress as a key factor in its unprecedented downgrade of the government's credit rating.
"We think the debacle over raising the debt ceiling is one ...See the full content of this document
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