Published in the August 14, 2011 Daily News:
Considering the large and continuing federal budget deficit agreed upon in the debt limit increase, it would have been even more surprising if there was no credit downgrade. If the current trillion dollar-plus annual deficit habit continues, before long there will be no funds for social security, health care, or national defense. All the revenue would have to be used to pay the interest on the debt. Then nobody’s needs are met.