Assuming Standard & Poors has the credibility to rate any one's credit, the downgrading of US Credit Rating by Standard & Poors is Obama's Katrina. As Katrina exposed George W. Bush's incompetence, his incompetent subordinates, and incompetent White House leadership, the debt ceiling crisis and S&P's credit downgrade exposes Obama's incompetence, incompetent subordinates, and incompetent White House leadership. The reason S&P downgraded US credit was political not fiscal. America has the ability to meet its obligations but it may refuse to at some point in the future. Katrina was also a failure of government, not government's ability to help but its political leaders' unwillingness to act during a crisis. The crisis isn't cutting deficit $1T, $2T, or $4T, the crisis is we were/are actually debating long term deficits during a what will later be called the "Great Depression II". The crisis is 14 million people out of work.
Barack Obama is President because GWB was incompetent. John McCain was a Republican placeholder and Sarah Palin was comic relief but it was almost impossible for Obama to have lost in 2008. We thought we elected a smart principled (2003 Iraq speech) moderate Liberal Democrat instead we elected a core-less "irreversible neutered" incompetent 1990's Republican lawyer without courage to challenge his political opponents. We long ago lost the ability to implement the opium government policies but now our political system has devolved to the point that politicians can't, won't, or refuse to tell the truth to the citizens. Obama extended the GWB tax cuts that are 1/3 of our current deficit and continues to spend Billions per week prosecuting useless wars for 2012 political cover. Obama spent 18 months trying to pass Health Care Reform yet Medicare cost and health care inflation are the biggest driver of long-term deficits.
All we really wanted from Obama was competence. We wanted competent military and foreign policy leadership. We asked for competent health care reform, competent tax policy, and competent political leadership. And we desperately needed competent trade and labor policies. Sadly, we've only received a repeat of Katrina, a gigantic political and governmental failure due to politics, bad policy, and an incompetent President.