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BY ALLIE SPILLYARDS

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This Sunday -- the financial future of the U.S. is on the table as its long-term credit rating drops for the first time.

“I think the U.S. economy is in a perilous state. This recovery’s been the worst from a severe recession since the great depression. But I’m surprised S&P would play politics.”

S&P -- referring to the rating agency Standard & Poor’s, downgraded the U.S.
Panelists on this week’s shows agreed -- America’s fall from triple-A had little to do with the nation’s ability to pay its bills.

GREENSPAN: “This is not an issue of credit rating. The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default. What I think the S&P thing did is to hit a nerve that there’s something basically bad going on. And it’s hit the self-esteem of the United States -- the psyche.”

SUMMERS: “S&P’s track record has been terrible and as we’ve seen this weekend its arithmetic is worse. So there’s nothing good to say about what they’ve done. But that’s not the large issue. The large issue here is the House majority played chicken with America’s credit worthiness, and America’s families are now going to be the losers.”

DEAN: “If you look at the Standard and Poor’s report, three times they mention that our unwillingness to raise revenues was going to make it impossible for us to regain our credit rating. That’s a pretty clear signal. The American people are there. The Democrats are there. A lot of reasonable Republicans are there, but they’re terrified of these right wing splinter groups -- the radical right -- because they’re so powerful in the primaries.”

On CNN’s “State of the Union” -- Steve Forbes, founder and CEO of Forbes Inc., says, everything’s up in the air at this point.

“The markets are going to be a little uncertain. The key thing is whether the two other rating agencies are going to follow S&P. I don’t think they will and if they don’t the reaction’s going to be rather minimal, but you’re going to have a fallout because of the uncertainties. States don’t know what they’re going to do. S&P may downgrade major insurance companies which means they’re going to have to raise more capital. So it’s just a wallop of uncertainty.”

And left wingers took to the shows -- calling the new credit ranking the quote- “Tea Party Downgrade.”

“This is the Tea Party downgrade because a minority of people in the House of Representatives countered even the will of many Republicans in the United States Senate who were prepared to do a bigger deal. To do 4.7 trillion dollars.”

And a panel on Fox News Sunday questions the soon-to-be-formed “super committee” -- and whether it can get the country back on track.

YORK: “The thing that would really move them, as you mentioned with TARP, is if there’s a stock market crash.”
FERRECHIO: “I don’t think you’ll need to panic this time. Remember last time we waited for the panic. I think that this time, the S&P downgrade and the warning of another one coming will be enough. If they put together this panel, and they include ones like that were sitting on Gang of 6, where you had people from the far left and the far right who were willing to compromise.”
WALLACE: “But I’m not sure you’re going to be able to get those Gang of 6 people.”

Finally, turning away from economics -- On NBC’s Meet the Press -- Senators McCain and Kerry gave their condolences for the families of servicepeople killed in last week’s Taliban attack on a chinook helicopter. The event has spurred fresh debate on how soon is too soon for a military draw-down in the Middle East.

“Our prayers and thoughts go out to the families of those brave, brave elite that have sacrificed. But at the same time, we’re going to have to address this sanctuary situation. And we’re going to have address the problem the President has created and that’s the perception in Afghanistan and other parts of that part of the world that America is withdrawing.”

GREGORY: “We’re on a glide path out of this country senator. The question is what are we leaving behind?”
KERRY: “Well that’s up for grabs obviously, and that’s exactly what this is about. Nobody is surprised by these spectacular attacks. It is very much in the pattern of what the Taliban have left. (FLASH) That doesn’t represent their strength across the country. There is a broad struggle for power in Afghanistan. That’s why the administration is putting huge effort right now into the reconciliation process.”


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