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Erin Burnett With Austan Goolsbee On S&P U.S. Warning

CNBC Video - Austan Goolsbee - April 18, 2011

In an interview with CNBC, Austan Goolsbee, chairman of the Council of Economic Advisers, characterized the S&P move as a "political judgement." "What the S&P is doing is making a political judgement and it's one we don't agree with, and it appeared to me that Moody's and some others don't agree with that judgement," Goolsbee said.

The U.S. Treasury also voiced disagreement with the S&P revision.

"...We believe S&P's negative outlook underestimates the ability of America's leaders to come together to address the difficult fiscal challenges facing the nation," Treasury Assistant Secretary Mary Miller said in a statement.

The last time the United States was placed on a negative watch was in January 1996. Moody's made the call at that time, after congressional Republicans refused a vote on the U.S. debt ceiling, a topic that is once again at the center of debate in Washington.

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Reader Comments (3)


Discussing new features of the new Volkswagon Beetle, with Jonathan Browning, Volkswagen of America CEO, and CNBC's Phil LeBeau.
Apr 18, 2011 at 12:19 PM | Registered CommenterDailyBail
Well of course Welfare Queen's Warren Buffet (owns millions of shares of Moody's) he's an obama supporter who thanked uncle sam for the bail out so that's a given but let's face it, this should have been done long ago and our rating is really a joke since we are trillions in debt. Again we will be the ones who suffer the interest on the debt will go up and it is almost if not as bad as our debt itself.
Apr 18, 2011 at 12:36 PM | Unregistered CommenterLiberatedCitizen
When the main rating agencies: Finch, Moody, Standard & Poors are complicit in approving toxic paper not worth the ink, as A+ ratings and helped caused this great depression to collect their fees and enriched themselves, why are they the authoritative rating agencies when they lied so much. I would not beleive a single word they say or print. I would be more inclined to believe China's rating agencies until they fail to tell the truth. If a scumbag tells you are good or bad, the source is still from a scumbag.
Apr 18, 2011 at 1:53 PM | Unregistered CommenterJonny Ann

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