Poor Uncle Sam loses his top-notch credit rating from Standard & Poor

Remember those days of yore when Uncle Sam had blimp coinage jingling in his pockets and the national cash register kept going ka-jing!

Well, those days are gone, brother.

In fact, can you spare a dime for Uncle Sam, brother?

For the first time in 70 years, the United States lost its top-notch credit rating from Standard & Poor as the agency knocked U.S. debt down a notch from AAA to AA-plus Friday night.

The downgrade followed a dramatic back-and-forth Friday afternoon with the Treasury Department after administration officials discovered S&P had miscalculated the federal deficit by $2 trillion.

The administration hoped the error might stave off a downgrade, but the agency announced it anyway tonight.

U.S. credit is now ranked alongside European nations like the U.K. and France. And both their economies these days are about as compelling as discussing the lifecycle of the rhododendron.

S&P said the outlook for U.S. debt is negative, and that it could be up for another downgrade in 12-18 months.

We should never drink tequila for breakfast. But maybe we all should tomorrow.

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