The Hill News

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

S&P's Managing Director David Beers defended the rating agency's downgrade decision.

Treasury Secretary Timothy Geithner said S&P showed "terrible judgment" in its conclusion. While investment banker Kenneth Langone, called the S&P downgrade "much ado about nothing."

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

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