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Rachel Maddow, PoliticusUSA, Meet the Press: Rachel Maddow Debunks GOP Talking Point That S&P Downgrade Was Due To Debt

Rachel Maddow Debunks GOP Talking Point That S&P Downgrade Was Due To Debt
by Rachel Maddow, August 7, 2011

chers—

Screw the goddam WordPress Video posting/Vimeo software which has yet to work correctly (according to instructions) or consistently. The joke is I paid first.

—rk

On Meet the Press today, Rachel Maddow debunked the GOP talking point that the S&P downgrade was due to debt not politics.

Here is the video from NBC News:

http://www.msnbc.msn.com/id/32545640

Visit msnbc.com for breaking newsworld news, and news about the economy

David Gregory: This is a wider discussion. Rachel Maddow, it does get back to political dysfunction because if Americans are wondering where are the jobs, the bigger question is where is the economic growth. Like my kids, I like cartoons. This is one I saw in The Hill. The easy part, it shows where the parties jumping over the debt ceiling. If anybody thought that was easy, the harder part is the job growth. Austin Goolsbee projected growth that was wildly off the mark this year.

Rachel Maddow: We didn’t know how bad the recession was. We know the hole we have been digging out of is deeper than we thought. The question is whether or not the stock market dropping 500 points in a day and as much as it did in two weeks, the downgrade is going to be a wake-up call. What is feasible in Washington? The downgrade message, whatever you think of S&P, they mentioned the need for increased revenues and revenues being on the table three separate times. They indicted the Republican Party right now in Washington. It’s a question about whether or not there will be a change in fashion and whether or not it will be a wake-up call that the parties need to work together rather than the Republicans fashion right now, which is any deal is a bad deal.

Alex Castellanos: Where to begin? I don’t think the Republicans think any deal is a bad deal. When you look at the ratings, these Republicans in Congress are saying how can you grow an economy when you have to service this growing debt? They put their foot down on that. The problem is not Republican intransigence, the problem is balance, as the president likes to call it. We have balance. We have Republican intransigence, and we have Democratic intransigence. That’s why we got nothing done.

Rachel Maddow: That’s not why S&P says they downgraded us though. S&P said the downgrade was motivated by the debate of raising the debt ceiling. That’s why they say they downgraded us, not because there’s too much debt but rather Washington is not working. We did something insane with getting that close to defaulting on purpose.

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