Why S&P downgraded the US - A short and simple explanation

Why S&P downgraded  the US ? See these numbers:  • U.S. Tax revenue: $2,170,000,000,000 • Federal budget:    $3,820,000,000,000 • New debt:             $1,650,000,000,000 • National debt:     $14,271,000,000,000 • Recent budget cut:    $38,500,000,000 Confusing? OK , let's remove 8 zeros and pretend it's a household budget: • Annual family income:                                        $21,700 • Money the family spent:                                     $38,200 • New debt on the family credit card:                     $16,500 • Outstanding balance on the family credit card: $142,710 • Total family budget cuts:                                         $385 Would you give this family an AAA credit rating?

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