More on Obama and his "Blame Game"

Yesterday, Obama blamed the Republicans for the credit downgrade of AA+ in 2011 by Standard & Poors.

Standard & Poors said, "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. We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade."

"If no budget deal is reached in the early part of next year and the debt trajectory just continues to rise ... then we'd be looking at a downgrade of a notch to Aa1," said Bart Oosterveld, managing director at Moody's sovereign risk group.