Today (Monday) Standard & Poors came out with an alert suggesting that they might within two years downgrade US government debt. From S&P, "Because the U.S. has, relative to its AAA peers, what we consider to be very large budget deficits and rising government indebtedness, and the path to addressing these is not clear to us, we have revised our outlook on the long-term rating to negative from stable,"
This is all being spun for political advantage by the right, be afraid of the debt, be afraid of the government, be afraid of taxes. They don’t want anybody to wakeup to the fact that the US could in fact easily run a budget surplus if it returned to revenue collection rates of ten years ago. Of course this would cut into the profits on Wall Street and they can’t have that, so grandma has to go out on the ice flow, and you should just be glad you don’t with her.