When Standard & Poor’s downgraded the U.S.’s long-term credit rating from AAA to AA+ on Aug. 5, Washington went on the offensive. President Barack Obama’s advisers blasted S&P. The administration’s friends and allies came out with guns blazing. The Securities and Exchange Commission is reportedly scrutinizing S&P’s procedures connected with the downgrade. And the Senate Banking Committee is said to be pondering an investigation -- into what exactly, committee members haven’t said.
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