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S&P Downgrade, John Kerry, John McCain and More

United States, Democrats, Republicans, Debt, Business, Standard and Poor’s

S&P Managing Editor Defends Downgrade

Is this the most hated man in America? Standard & Poor’s Managing Editor John Chambers spoke to This Week’s Christiane Amanpour about the 1 in 3 chances of the U.S. being downgraded again—despite the fact everyone from the U.S. Treasury to The Daily Beast’s Nomi Prins and Zachary Karabell disagree with the new rating. Thankfully, Chambers assured the host that the nation can regain its flawless standing—in nine to 18 years.

Kerry Blasts ‘Tea Party Downgrade’

Perhaps the S&P downgrade will be a wake-up call for U.S. politics. On Meet the Press, Sen. John Kerry blamed the Tea Party for the demotion, accusing a few hardliners of throwing a more civil debt-deal process off-track—right before declaring that what the country really needs is a Washington without partisan bickering.

McCain Blames Obama for ‘Leading From Behind’

On Meet the Press, the blame game continued, as Sen. John McCain said that while he was thrilled to hear that Obama had agreed on a deficit-reduction, at some point, the president needed to actually show his cards. Oh, and lest we forget: Republicans only control a third of the government.

Syria to U.S.: Please Don’t Intervene!

While the U.S. fights in Libya, why has there been no military intervention in Syria? Robert Ford, the U.S. ambassador to Syria, said on This Week that while the crackdown in Hama is “grotesque” and “abhorrent,” the Syrian people have explicitly said that they do not want any military action. For now, according to Ford, it seems as the U.S. will stick to Twitter and Facebook to ratchet up the pressure on Syria’s regime.

Pawlenty: The Proof Will Be in the Pudding

Another week, another reminder that Tim Pawlenty is a presidential candidate. The GOP candidate—who apparently thinks the path to voters hearts is paved with Sunday morning television appearances—was reminded, this time by Fox News Sunday, that despite spending 42 days and 102 events in Iowa, his poll numbers are absolutely dismal. Pawlenty, undeterred as ever, responded that he fully expects to jump from the “back of the pack” to the “front of the pack,” because the “proof will be in the pudding.” He may not have momentum, but at least he’s got spunk.

Ryan Not Surprised by Downgrade

If there’s anyone that wants to cozy up to S&P right now, it’s probably Rep. Paul Ryan. On Fox News Sunday, the chairman of the House Budget Committee said that he wasn’t surprised by S&P’s downgrade, mainly because Washington doesn’t have its fiscal house in order. He’s looking at you, Mr. President.

Forbes and Summers Weigh In on Downgrade

State of the Union sat down with economic experts to break down Friday night’s credit demotion. Steve Forbes, president and CEO of Forbes, slammed S&P for a narrow and political move, especially when the U.S. will be able to “pay the interest and the principal” on the bonds. Meanwhile, Larry Summers, former director of the National Economic Council, said that while S&P’s track record is abhorrent, the House Majority “played chicken” with the nation’s credit.