Regarding the US debt downgrade by S&P, from S&P:
Standard & Poor's takes no position on the mix of spending and revenue measures that Congress and the Administration might conclude is appropriate for putting the U.S.'s finances on a sustainable footing.
Regarding the US debt downgrade by S&P, from Harry Reid (pants on fire):
This makes the work of the joint committee all the more important, and shows why leaders should appoint members who will approach the committee's work with an open mind - instead of hardliners who have already ruled out the balanced approach that the markets and rating agencies like S&P are demanding.
So S&P has explicitly disavowed any position on the tax/spending mix, yet Harry Reid claims S&P "demands" taxes be a part of any approach. This obvious disconnect has two explanations, either a) Harry Reid is incompetent (he didn't bother to read the S&P release) or b) Harry Reid is lying.
Fool or liar, both are excellent reasons he should not be in office.