S&P Does Not Believe The Bush Tax Cuts Will Get Lifted In 2012

S&P Does Not Believe The Bush Tax Cuts Will Get Lifted In 2012

from Clusterstock by Joe Weisenthal

A very interesting line in S&P's full report (.pdf) wherein it downgraded the sovereign debt of the US from AAA to AA+.

Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise
revenues, a position we believe Congress reinforced by passing the act.