A number of things about S&P's downgrade don't get mentioned enough.... Like - S&P was part of the Gang-of-3 that rated subprime deals AAA (like Goldman's Abacus "shitty" deal). So they helped cause the crises. Ratings agencies continue to be paid by the gov't who is now holding a ton of the big bank's crap - because that crap has to be periodically re-rated. So they are still sucking on the gov't teet. S&P was actually targeting the Tea Party indirectly - because they say the downgrade was partly due to the deal out of DC lacking "revenue enhancers" - and who has been adamant against those? So, all-in-all, they are as conflicted as ever....
This is a perfect case of misplaced assumptions. The main people crying wolf about a default were Obama and Geithner, two known liars with little credibility. The Tea Party republicans demonstrated rather conclusively that failure to raise the debt ceiling need not cause a default. After being initially hooted at by the media, their analysis was eventually supported by mainstream economists and even Geithner, in private reassurances to banks. It is hard to see how fighting to stop wasteful spending and insisting on large budget cuts somehow set the stage for a downgrade. This was obama's downgrade, and it perhaps is a fitting commentary on his leadership. Of course, as with everything else that has happened on his watch, except for killing osama, he refuses to take any responsibility.