I was really very, very surprised to see Standard & Poor, the normally hawkish credit rating agency, change their debt outlook on the USA, putting it's AAA status at risk.

Not only is it an indictment of the US governments inability to get its act together on its economic troubles, but its effect on the world economy was marked as well.

It may never happen, but for it to be even considered is still concerning? The Democrats don't want to cut their programmes and the Republicans don't want their taxes raised. Something has got to give?

More on the story here

Is there any reason why raising taxes is such an anathema to the Republicans?