The ratings agency Standard and Poor’s is threatening another downgrade of the United States credit rating if the Super Committee doesn’t get results. From Bloomberg: “If there were another downgrade, it would probably be because something has happened with the budget control act, that it has somehow been watered down” or “the fiscal committee doesn’t [...]

The City of Los Angeles will no long hire Standard and Poor’s to rate the city’s investment portfolio. From the LA Times: “We have really lost faith in S&P’s judgment,” Interim Treasurer Steve Ongele said. After its downgrade of U.S. debt last week, S&P cut its rating of L.A.’s general investment pool to AA from [...]

The United States’ Department of Justice is now investigating the rating agency Standard & Poor’s according to the NYT

Although the debt ceiling fight isn’t over yet, it is now clear it won’t be the excuse President Obama wanted to justify quickly jamming through an austerity grand bargain. As much as Obama desperately tried to use this artificial crisis to justify cutting Social Security and Medicare in a secret deal, that opportunity slipped through [...]

It’s hard keeping up with the pace of the debt ceiling news, so if you see anything, put it in the comments and I’ll add it: