The Obama administration wasted little time in firing back at Standard and Poor's history-making downgrade of U.S. debt.
Late Friday, a Treasury Dept. spokesman told CBS News' Mark Knoller that "A judgment flawed by a $2-trillion error speaks for itself."
It was the first salvo in what will likely be extensive damage control by the Obama Administration, which now goes down in history as the first presidency to have a credit downgrade occur on its watch.
S&P cited "political brinksmanship" from both parties in its downgrade.
In as statement released Friday, S&P said: "The political brinksmanship of recent months highlights what we see as America's governance and policy making becoming less stable, less effective, and less predictable than what we previously believed."
"Republicans and Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating to the Select Committee decisions on more comprehensive measures. It appears that for now, new revenues have dropped down on the menu of policy options. In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements, the containment of which we and most other independent observers regard as key to long-term fiscal sustainability."
President Obama met with Treasury Secretary Timothy Geithner on Friday before heading to Camp David for the weekend.