It ‘s has come to this… Democrats hold the Tea Party responsible for the US credit rating downgrade. Republicans blames The Democrats for want to raise taxes. From New York Times:
Representatives of the Republican and Democratic parties went on television on Sunday morning to blame the other side for Standard & Poor’s unprecedented decision to downgrade the credit rating of the United States – a decision that was based largely on a lack of faith in the ability of the political system to forge agreements to reduce the debt.
On the ABC program “This Week,” Gov. Martin O’Malley of Maryland, the chairman of the Democratic Governors Association, said that while he did not agree with the basis for the downgrade, he found it understandable in light of the Republican Party’s refusal to agree to any tax increases to “balance” spending cuts.
“One has to find understandable their pessimism about our inability to come together on the most important issue facing our country, which is how do we create jobs,” he said, referring to analysts at S.& P. “We need a balanced approach and the extremism, the Tea Party obstructionism here in Washington, is keeping us from restoring that balanced approach America has always used of investing in the future, investing in job creation, and also being fiscally responsible at the same time.”
On the same program, however, Senator Jeff Sessions of Alabama, the top Republican on the Senate Budget Committee, said that Democrats were “in denial” about the scope of the debt problem, and suggested a 10 percent “across the board” cut in the budgets of federal departments and agencies. He rejected Democrats’ call for a “balanced” approach that would combine cuts with ending certain tax breaks or raising some tax rates.