From the S&P release …

Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.

The hostages were tremblin’ when they heard a man exclaim
“Let’s blow this place to kingdom come, let Con Edison take the blame”
– Bob Dylan

Tea Party Republicans try to shift blame to Obama for looming (as soon as tonight) US debt downgrade.