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NEW YORK (AP) — Standard & Poor‘s Ratings Service cut its outlook Monday on the United States’ sovereign debt, saying there is a one in three chance it will downgrade the rating on the debt in the next two years.

The agency lowered the long-term outlook to “Negative” from “Stable.”

It reaffirmed its investment-grade credit ratings on the U.S. long- and short-term debt itself, but said the ratings are at risk from the country’s growing deficit.

S&P said the U.S. has a high-income, diversified and flexible economy that has helped it to encourage growth while containing inflation.

But the country’s ballooning deficit could offset those positives over the next two years.

The agency noted that the deficit grew to 11 per cent of gross domestic income in 2009. That is much higher than the average of two per cent to five per cent in the previous six years.

Stocks plunged after the rating agency lowered its outlook The Dow Jones industrial average fell more than 200 points in early-morning trading.

S&P said it has little confidence that the White House and Congress will agree on a deficit-reduction plan before the fall 2012 elections. By that time, the measures won’t go into effect until the fiscal year 2014.

“We see the path to agreement as challenging because the gap between the parties remains wide,” said Standard & Poor’s credit analyst Nikola G. Swann.

Mary Miller, assistant secretary for financial markets, said S&P “underestimates the ability of America’s leaders to come together to address the difficult fiscal challenges facing the nation.”

President Barack Obama and Congress are working on ways to reduce budget deficits over the long term, she said.

The fight over the deficit and next year‘s budget is threatening the government’s ability to borrow. Analysts say S&P is warning the two parties not to play politics with the debt ceiling.

Treasury Secretary Timothy Geithner said Sunday that Republican leaders have privately assured the Obama administration that Congress will raise the government‘s borrowing limit in time to avoid an unprecedented default on the nation’s debt.

But a top Republican quickly pushed back and said there was no guarantee the GOP would agree to increase the $14.3 trillion debt ceiling without further controls on federal spending.

Geithner has said that the government will hit its current limit no later than May 16. But Geithner said it will be able to avoid an unprecedented default on the national debt through various accounting maneuvers for possibly another two months.

Read More at theblaze.com

How many of you feel that you’re living in a world where you can’t trust business or the government? Business is busy chasing profits, stepping on whoever it takes to get to the top of the ladder.  Even worse is the government that sat idly by watching these unjust practices, either turning their head to help enrich a political contributor or just lining their own pockets.  Crooks, criminals, scum. These words come to mind every time you turn on the TV to watch some news.  The politicians forgot the principles of this country long ago and business more and more each day seem to have forgotten them as well.

Your family is the most important thing in your life. Say you lose your job next week; do you know how you’re going to put food on the dinner table in two months if you can’t find other employment?  I can’t even imagine that fear since I’m only 24 and currently do not have a wife and kids to provide for; however at 24 I am smart enough to realize that the economy doesn’t appear to be recovering as fast as we all once thought!  You are not dumb you know that the way this country is acting is unsustainable. Many are warning of inflation in the future.  Food prices will skyrocket. Finding a way to feed your family will become the most important objective in your life.  So who do you turn to when things get worse than what they currently are? Business?? Government???

Hopefully you laughed when you read that! The answer is C, none of the above.  The time has come when people need to start turning to their selves when things get tough. The easiest way to take this pressure off your shoulders is to become self reliant.  Becoming self reliant has never been so easy with Backyard Food Solutions here to help you through the process! Our number one goal at Backyard Food Solutions is to provide a quality product, speedy service, and a friendly knowledgeable support team.