MSNBC host Lawrence O'Donnell referred to the Standard & Poor's credit-rating agency as a "confederacy of dunces" and called the leaders of the company, John Chambers and David Beers, "the most incompetent analyzers of debt in history."

S&P lowered the U.S. long-term sovereign debt rating from AAA to AA+ on Friday, citing Washington's inability to rein in its mounting deficits with spending cuts and Republican's resistance to raising revenues.

"S&P has been egregiously wrong before and they are wrong again," he said. "The downgrade was not based on some sophisticated analysis of the numbers. Indeed, S&P got the numbers wrong, very wrong."

"They actually think that within the foreseeable future, the next few years, the United States government might default on its debt simply by failing to raise the debt ceiling when and if it is necessary," O'Donnell added. He noted that the debt ceiling has always been a political bargaining chip, yet has always been raised.

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