Link to S&P's full statement on lowering USA rating. Keep for future reference.

[sinkingfeeling]

http://www.guardian.co.uk/business/2011/aug/06/sandp-debt-rating-downgrade-statement/print

"Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. 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. Key macroeconomic assumptions in the base case scenario include trend real GDP growth of 3% and consumer price inflation near 2% annually over the decade."