Finger-pointing continues in wake of US debt downgrade

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Associated Press

Posted on August 7, 2011 at 12:31 PM

Updated Sunday, Aug 7 at 12:35 PM

WASHINGTON (AP) — The finger-pointing continues following Friday's decision by Standard & Poor's to downgrade the U.S. credit rating one notch, from AAA to AA+.

A top political adviser to President Barack Obama squarely put the blame on the tea party. David Axelrod told CBS's "Face the Nation" that tea party Republicans were unwilling to compromise on how to reduce the federal debt.

But Arizona Sen. John McCain, appearing on NBC's "Meet the Press," says the fault lies with the president. He says Obama did not present a clear plan during the debt-ceiling debate.

Meanwhile, an S&P official says there's a 1 in 3 chance the U.S. credit rating could be downgraded another notch if conditions erode over the next 6 to 24 months.

John Chambers tells ABC's "This Week" that if the fiscal position of the U.S. deteriorates further, or if political gridlock tightens even more, a further downgrade is possible.

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143-a-09-(By David Axelrod, White House adviser, in interview)-"the Tea Party"-White House adviser David Axelrod says delays in reaching a deal on the debt limit resulted in a lower U.S. credit rating from Standard and Poor's. COURTESY: CBS' 'Face the Nation' ((mandatory on-air credit)) (7 Aug 2011)

<<CUT *143 (08/07/11)>> 00:09 "the Tea Party"

142-a-09-(By David Axelrod, White House adviser, in interview)-"of a default"-White House adviser David Axelrod says some parts of the Republican party are to blame for a lower U.S. credit rating from Standard and Poor's. COURTESY: CBS' 'Face the Nation' ((mandatory on-air credit)) (7 Aug 2011)

<<CUT *142 (08/07/11)>> 00:09 "of a default"

133-a-10-(By Senator John McCain, R-Ariz., in interview)-"are in a crisis"-Senator John McCain says President Obama failed to lead on the debt limit issue. COURTESY: NBC's "Meet the Press" ((mandatory on-air credit)) (7 Aug 2011)

<<CUT *133 (08/07/11)>> 00:10 "are in a crisis"

131-a-06-(By Senator John McCain, R-Ariz., in interview)-"States to lead"-Senator John McCain says Washington needs to clean up its act, but its got to start at the White House. COURTESY: NBC's "Meet the Press" ((mandatory on-air credit)) (7 Aug 2011)

<<CUT *131 (08/07/11)>> 00:06 "States to lead"

154-a-11-(By John Chambers, chairman of Standard and Poor's sovereign ratings committee, in interview)-"to 18 years"-S & P's John Chambers says it won't be easy for the U.S. to return to its triple-A credit rating. COURTESY: ABC's 'This Week' ((mandatory on-air credit)) (7 Aug 2011)

<<CUT *154 (08/07/11)>> 00:11 "to 18 years"

153-a-15-(By John Chambers, chairman of Standard and Poor's sovereign ratings committee, in interview)-"over that period"-S & P's John Chambers says there is a chance the U.S. credit rating could be lowered again. COURTESY: ABC's 'This Week' ((mandatory on-air credit)) (7 Aug 2011)

<<CUT *153 (08/07/11)>> 00:15 "over that period"

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