Geithner: S&P showed terrible judgment

By MARTIN CRUTSINGER | August 7, 2011 | 7:13 PM EDT

WASHINGTON (AP) — Treasury Secretary Timothy Geithner says the credit rating agency Standard & Poor's showed "terrible judgment" in lowering the U.S. government's credit rating.

Geithner said the agency's decision showed a "stunning lack of knowledge" about the basic math used to develop the federal budget.

Republicans have blamed President Barack Obama for the first downgrade of the government's credit rating.

But Geithner says Congress owns the credit rating because the Constitution gives Congress the power to tax and spend.

Standard & Poor's on Friday cut the nation's top-ranked "AAA" credit rating to "AA+" Friday night.