The Hill News

After Standard and Poor's decision to downgrade the U.S. credit rating late Friday, administration officials traded barbs with the firm.

S&P's managing director, David Beers, defended the rating agency's downgrade decision, but Treasury Secretary Timothy Geithner said S&P showed "terrible judgment" in its conclusion. Investment banker Kenneth Langone called the S&P downgrade "much ado about nothing."

Rep. Barney Frank (D-Mass.) said he hopes the downgrade will force large military spending cuts.

Scroll though for a round-up of video highlights:

Read more...