Why was the credit rating of the U.S. downgraded by S&P? An S&P director explains in unambiguous terms:
…[O]ne reason the United States lost its triple-A credit rating was that several lawmakers expressed skepticism about the serious consequences of a credit default — a position put forth by some Republicans.
Without specifically mentioning Republicans, S&P senior director Joydeep Mukherji said the stability and effectiveness of American political institutions were undermined by the fact that “people in the political arena were even talking about a potential default,” Mukherji said.
“That a country even has such voices, albeit a minority, is something notable,” he added. “This kind of rhetoric is not common amongst AAA sovereigns.”
In other words, the Republican party has become so fringe, that they jeopardize the fiscal health of the United States.
Yeah…it’s just a minority of Republicans. But the rest of the congressional Republicans didn’t have the intestinal fortitude to stand up to that nut-case minority. Instead, they permitted—indeed, they fully participated in—the process that sank into a chaotic battle of ideology that brought the U.S. to the brink of default.
Congressional Republicans tangibly harmed the U.S. In doing so, they failed to live up to their oath of office.