THE Reason for the Downgrade
Or, Barack Obama sucks at 11-dimensional chess. On July 14, 2011, S&P was assuming that 2001 and 2003 tax fraud deferrals would expire at the end of 2012 [Update: link updated, via MG; PDF–see page 4]. It is no longer making that assumption, which is worth another $4T. Brad DeLong annotates/redlines the press release without […]