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August 7th, 2011
01:22 PM ET

Forbes: S&P downgrade is 'outrageous'

Republican Steve Forbes and Democrat Larry Summers both slammed S&P's decision to downgrade the U.S. credit rating.
Forbes: "Well, I think in a narrow sense, it is a political move, and I think it's really - it'll sound strange for me to say it, an outrageous move. ... In a larger sense about the economy, I think the U.S. economy is in a perilous state. This recovery has been the worst from a severe recession since the Great Depression, but I am surprised S&P would play politics."

Filed under: Economy • Larry Summers • Newsmakers • State of the Union • Steve Forbes
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