White House adviser slams S&P after US downgrade

August 7, 2011 04:24

WASHINGTON - A White House economic adviser slammed Standard & Poor's on Saturday for having stuck with its decision to downgrade the US credit rating despite having made a $2 trillion mistake in its fiscal projections.

"The magnitude of their error combined with their willingness to simply change on the spot their lead rationale in the press release once the error was pointed out was breathtaking," Gene Sperling said in a statement.

"It smacked of an institution starting with a conclusion and shaping any arguments to fit it," he said.

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