What Did S&P Actually Say?

The erstwhile Ticker prints what the MSM doesn't tell you:

...if we conclude that Congress and the Administration have not achieved a credible solution to the rising U.S. government debt burden and are not likely to achieve one in the foreseeable future.

Get it? S&P's (possible) downgrade has NOTHING to do with the "ceiling" and EVERYTHING to do with the overall debt burden.

It's the SPENDING, stupid (Part 95,679)

More here from AOSHQ, same story.