Watching little Timothy Geithner pontificate in his TV interview over the weekend made my skin crawl as he continued to pound home that the Republicans had agree to extend the debt ceiling since they understood that the US could not allow a "default" on its' debt. He kept repeating the "default" phrase even though every thinking person knows that you first pay your debts (mortgage) and must haves (utilities) and then live within your means with what is left. The Republicans are correct that it is an allocation issue which will force the government to pay debts and "must haves" first but then cut back spending in pet project areas.
I blame Geithner for today's announcement by S&P of a downgrade of US Debt instruments. As an average american I for one just don't believe S&P has the nerve to do this without first running it by and getting approval from the US Treasury. If I was the House Republicans I would immediately open an investigation into S&P and any and all contacts with the US Government over the last 60 days. I can guarantee there is a fly in the ointment somewhere.