YA THINK? S&P bond rater: It’s the debt, stupid; Update: S&P official: Another downgrade will come if we don’t reduce long-term debt. “Actually, the Tea Party caucus in Congress had it right. The bond raters needed to see the US take a significant step towards ending deficit spending and getting future liabilities under control. The problem with the lack of consensus came from the resistance of Democrats to the fiscal realities of the situation we face. Instead of addressing the real problems, Democrats blocked any attempt to deal with the entitlement crises and would only agree to address discretionary spending.”

Which is, of course, what the Tea Party folks have been saying all along. Which isn’t to say that there isn’t room for some revenue enhancements here and there.