Thus the deathless words of Rep. Eric Cantor, from a memo to his troops as reported by the NYT:
>>”Over the next several months, there will be tremendous pressure on Congress to prove that S.& P.’s analysis of the inability of the political parties to bridge our differences is wrong. In short, there will be pressure to compromise on tax increases,” Mr. Cantor wrote. But, he added, “We were not elected to raise taxes or take more money out of the pockets of hardworking families and business people.”<<
Translated: S&P downgraded U.S. debt because they concluded U.S. government was dysfunctional. There will be pressure to prove them wrong. Let’s prove them right!