S&P: One reason we downgraded was GOP skepticism about fallout from default

Without specifically mentioning Republicans, S&P senior director Joydeep Mukherji said the stability and effectiveness of American political institutions were undermined by the fact that “people in the political arena were even talking about a potential default,” Mukherji said.

“That a country even has such voices, albeit a minority, is something notable,” he added. “This kind of rhetoric is not common amongst AAA sovereigns.”…

In reaction to the statements by S&P on Thursday, however, Rep. Tom McClintock (R-Calif.) said the firm had misinterpreted the GOP position.

“No one said that would be acceptable,” he said of a default.