“Compared with previous projections, our revised base case scenario now assum…

"Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed this because the majority of Republicans in Congress continue to resist any measure that would raise revenues." - Standard & Poor



http://blogs.wsj.com/marketbeat/2011/08/05/sp-downgrades-u-s-debt-rating-press-release/