The National Journal is hopefully establishing some common wisdom here that will permeate the DC media. Their assessment of the S&P downgrade?
It’s hard to read the S&P analysis as anything other than a blast at Republicans.
It based it on the political game of chicken over the debt ceiling, a game that Republicans initiated and pushed to the limit, and on a growing gloom about the partisan deadlock. Part of S&P’s gloom, moreover, stemmed explicitly from what a new assessment of the GOP’s ability to block any and all tax increases.
The only upside in all of this would be a serious downgrade of the GOP’s political credit rating, so to speak. Here’s to the Republicans getting snowed under for sabotaging the economy and the political process in Washington.