Thom Hartmann (KPTK m-f 91-12p) asks an important question:
Have you seen, anywhere, in any media, or even heard reported or repeated on NPR, the following sentence? "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."
The graf is on page 4 of S & P's official explanation of their fateful downgrade of US credit rating. It explains why they believe Congress -- even the newly-mandated "Gang of Twelve" -- will be unable to deal with the U.S. debt crisis.
And what is it that S & P (who are assholes and stupid, btw) thinks should be done? Why, it's get new revenue. And who's being stubborn about new revenue? It sure ain't the president and the Democrats who agreed to give away the farm to get an agreement. The intransigence is, as the S&P clearly states, from the GOP.
Hartmann posits that maybe, because the paragraph is way down on page 4 that lazy reporters might have missed it, although he adds that this is in the very first sentence of the report:
We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process.
This crisis was caused by House tea party stubborness about taxes. The Republican leaders could not or would not cross them.
Reporters report this depressing story as both sides mired down in ideology when actually President Obama offered $4 trillion in cuts and a relatively modest (by our lights) increase in new revenue by way of closing tax loopholes for corporations and the very wealthy. It was a deal that would have satisfied these Wall St. jerks, and given R's more than they asked for.
We get why someone like Lush Rimjob may not mention such a detail; but Hartmann wonders if it's because
... many reporters -- and virtually all of the television talking heads -- are themselves relatively high income-earners who don't relish the idea of higher taxes?
that Republicans will punish them by denying them "access" -- i.e. refusing to show up on their programs -- which is the career and show kiss-of-death for radio and TV programs that rely on big-name politicians to work?
The teaparty GOP got us here by political extortion with brinkmanship over the debt ceiling, S&P is clear about that. Republicans not only provoked it but are gleefully promising to repeat it at every opportunity. All the while insisting it's Obama's fault.
Jesus, where is that liberal media when you need it?