If his press conference this afternoon was any indication, President Obama wants the world to know that American debt is still safe. “The markets continue to believe that our status is AAA. … Warren Buffet said that if there were a quadruple-A rating, he’d give us that.”
While Obama disputes the downgrade, he doesn’t actually take issue with Standard and Poor’s assessment of our political system. As he put it, the United States doesn’t need S&P to tell us that “using the debt ceiling as a threat” would be disastrous to our economy, or that Washington gridlock hasn’t been “constructive.”