Refusing to raise our debt limit caused S&P to lower our credit rating. Here is the text:
"We lowered our long-term rating on the U.S. because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process."
Refusing to end the Bush tax cuts that cost 1.2 trillion and war in Iraq and lack of regulations on Wall Street during that time left us trillions more in the hole.
Holding our credit rating hostage to demands from the Tea Party faction of Republicans for more tax cuts plus spending cuts was irresponsible and reckless and absolutely useless.
-- Harry Cowan, Mount Aukum