Today S&P (Standard & Poor) downgraded the U.S. credit rating from the top score of AAA to AA+. The Obama Administration official came out ripping S&P's decision.
"This is a facts-be-damned decision," the official said. "Their analysis was way off, but they wouldn't budge."
"A judgment flawed by a $2 trillion error speaks for itself," a Treasury Department spokesperson said.
In announcing the downgrade, S&P cited "political risks, rising debt burden; outlook negative."
"The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics," the S&P said.