After a long stand off between President Obama and Congress over the debt ceiling, even reaching a compromise before the deadline couldn't stop Standard & Poor's from downgrading America's credit rating from AAA to AA+. On Monday night's "Daily Show," Jon Stewart reacted to the news not by attacking the President or Republicans, but by expressing his disappointment in Standard & Poor's.
"Who's going to listen to a company whose name translates to 'average and below average'?" Stewart joked, before showing his usual slew of clips demonstrating just how dire the situation is. On Monday stocks plunged, leading analysts to believe the downgrade is wrecking consumer confidence and raising fears of a second recession.
Calling the downgrade "A slap in the face" several times, Stewart noted that many smaller countries (including the Isle of Man) still have AAA ratings. He also pointed out that even though S&P miscalculated our projected deficit by $2 trillion, they are still sticking with their decision to downgrade.
Watch the full, eight-minute segment below to hear Stewart examine exactly why we were downgraded, including speculation over the Tea Party's rigid stance on revenue increases, our immature negotiation practices and "The world's most misguided tangerine" Speaker of the House John Boehner.
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