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You. thank you greta. greta: dysfunctional government or dysfunctional credit agencies? or maybe both. s&p s downgrade is almost reducing wall street to rubble. there are lots of questions tonight we ll tell you what is going on, next. who to blame for that nasty credit downgrade? did you hear who is blaming the tea party? this is going to roughly to ruffle some feathers. what is rush limbaugh talking about? stay tuned. [ artis brown ] america is facing some tough challenges right now. two of the most important are energy security and economic growth. north america actually has one of the largest oil reserves in the world. a large part of that is oil sands. this resource has the ability to create hundreds of thousands ojobs. at our kearl project in canada, we ll be able to produce these oil sands with the same emissions as many other oils and that s a huge breakthrough. ....
You. thank you greta. greta: dysfunctional government or dysfunctional credit agencies? or maybe both. s&p s downgrade is almost reducing wall street to rubble. there are lots of questions tonight we ll tell you what is going on, next. who to blame for that nasty credit downgrade? did you hear who is blaming the tea party? this is going to roughly to ruffle some feathers. what is rush limbaugh talking about? stay tuned. [ artis brown ] america is facing some tough challenges right now. two of the most important are energy security and economic growth. north america actually has one of the largest oil reserves in the world. a large part of that is oil sands. this resource has the ability to create hundreds of thousands ojobs. at our kearl project in canada, we ll be able to produce these oil sands with the same emissions as many other oils and that s a huge breakthrough. ....
mysterious motive behind the rioting so far. we ll get into that. our other major story this morning the stock market s dramatic reaction to the federal credit rating. wall street went into panic, overseas markets are following and lawmakers are pointing fingers. a lot of questions being raised about this downgrade, just how accurate it is, whether it should have happened at all. no apologies, though. no apologies, exactly. later this half hour, the scales used to weigh your luggage at the airport. are they really accurate? how often cacaairlines overcharge you for bags that are too heavy? let s just say these are not the kind of scales you d want to have in your bathroom. adding pounds. it s infuriating to think that maybe they re getting away with adding some pounds to your luggage. we ve got some tips for you when you head to the airport. first we begin with the violence in britain that is only getting worse. for the first time since the rioting started over th ....
Game that started with the debt crisis and continues with the credit downgrade. abc s jake tapper offers insight from the white house. reporter: if any americans were hoping that the downgrade of the u.s. from aaa to aa-plulus would kick-start some sort of bipartisan cooperation to reduce the deficit and get the economy moving again, as opposed to just the blame game, then they didn t get much solace from monday when president obama and democrats said that the problem was the tea party and republicans who were intransigent during debt ceiling negotiationsnd republicans used the opportunity to criticize president obama and act as if the downgrade was all his fault. there does not seem to be a lot of movement right now in terms of the bipartisan cooperation that standard & poor s criticized for not being around in washington, d.c. they blamed the political dysfunction in this town for the downgrade, saying they did not have any confidence that there would be any serious deficit reducti ....
Entitlement spending reforms and also because of republican reluctance to raise taxes, to seek new revenues to reduce the deficit. so exactly what s going on here is standard & poor s downgraded the u.s. because of the dysfunction of this town and now the debate over that downgrade is highlighting that very dysfunction. jake tapper, abc news, the white house. now, the gop candidates, especially the tea party members, specifically michele bachmann are taking jabs at the president for not firing timothy geithner. of course, they re very visible right now as they head off to iowa. timothy geithner, very defensive too, saying he wants to stay on the job. in the meantime, the average investor just caught in the middle with all the confusion and chaos going on in the markets. stay with abc news throughout the morning and throughout the day, in fact, as we track the downgrade disaster and its impact on the markets. look for more live reports later on america this morning and good morning ....