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.
Prolonged controversy: Republican's fault. Democrats wanted to raise the debt ceiling.
Bigger cuts: Republicans' fault. Obama had $4T on the table, Boehner walked.
Raising revenues: Republicans' fault. They've refused all tax increases.
And yet,
Dem spin is this is on the GOP. But GOP doesn't control the White House or the Senate.
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