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Obama Ally Blames Tea Party as Geithner Blasts S&P’s Cut

The Obama administration sought to reassure global investors and push back against Standard & Poor’s first-ever downgrade of the nation’s credit rating while trying to pin responsibility on Tea Party Republicans.

With markets opening for the first time since S&P lowered the credit rating on U.S. debt to AA+ from AAA, Democrats and Republicans traded blame for the political standoff over the nation’s debt.