Treasury:S&P misreading political will to cut debt (by Greg Robb)

WASHINGTON (MarketWatch) -- The Treasury Department said Monday that Standard & Poor's is underestimating the ability of the Congress and the White House to combat fiscal challenges. Earlier Monday, the ratings agency stunned Wall Street by cutting its rating outlook on the U.S. to negative from stable. "We believe S&P's negative outlook underestimates the ability of America's leaders to come together to address the difficult fiscal challenged facing the nation," said Mary Miller, the Treasury assistanct secretary for financial markets. Miller said both Republicans and Democrats now agree that it is time to begin bringing down deficits as a share of GDP.