Citing an increasing debt burden, Egan-Jones Ratings Co. downgrades the US credit rating another notch. This is the second time they have done this in 8 months.
Here is what the President Sean Egan said in a telephone interview:
Reason for downgrade: “the increasing debt load coupled with the fact that there has been no tangible progress in addressing the country’s growing debt to GDP”
“Unfortunately, the debt is growing fairly rapidly while the GDP is not.”
The debt has climbed 23.6% from 2008 to 2010.
What is Obama doing to address this? Probably taking a vacation or campaigning.