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Standard & Poor's (a ratings agency) decision to downgrade the credit rating of the US Federal Government was historical, and raised questions not only about the fiscal position of the United States, but the credibility of Standard & Poor's itself. President Obama's defiant response to the downgrade stated that America would 'always be a AAA nation'. One question was left begging by both sides: Who is right? Standard & Poor's, or the President? This essay answers that question.
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