"...Congress finally agreed to spending cuts...more than $2 trillion... The promised cuts were not enough to satisfy S&P. "The three main credit agencies, which also include Moody's Investor Service and Fitch, had warned..that if Congress did not cut spending far enough, the country faced a downgrade"
S&P had threatened the downgrade if the US could not agree to cut its federal debt by at least $4tn over the next decade. Instead, the bill passed...plans $2.1tn in savings over 10 years. S&P said the Republicans and Democrats had only been able to agree "relatively modest savings", which fell "well short" of what had been envisaged."
This article includes graphics and comments links to engage anyone seriously interested in this crisis. Of course, TP's will dismiss the New York Times. That says it all. --- Everyone dismisses the NYT, even their liberal base...that says even more!