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SC Rep. Clyburn: rating downgrade about politics not economy

Aug 9, 2011 5:58:00 PM - thestate.com
U.S. Rep. James Clyburn criticized Standard & Poor's downgrade of America's debt rating on Tuesday, saying he thinks the decision was based more on politics than economics.

The Democrat from South Carolina told reporters he's concerned the decision focused on Washington's fractious political climate rather than America's actual ability to pay its debts.

"I think this is very unfortunate. I think it was underserved, but I don't think it was unexpected," Clyburn said of Friday's decision, which has since touched off turmoil in stock markets around the globe.

On Monday, S&P managing director David Beers said on ABC's "Good Morning America" that the agency's decision was based on several factors, including damage done to America's reputation by the debt ceiling controversy and concerns that public finances are on an unsustainable path.

Asked if he had any second thoughts about the downgrade, Beers said, "Absolutely not."

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