I think my title to this post said all that needs to be said.
Well, there is more actually. S&P also has a negative outlook on the US and there could be another downgrade 12-18 months from now.
Basically, S&P said what neither party has the guts to say: the White House and Congress decided on a deal that raised the debt ceiling but did not go far enough to cut the deficit. And they decided to put off the issue like they have always done.
So there you have it. Sad, eh?