Just hours after President Obama declared the private sector was “doing fine” — a comment from which he later backed away — one of the nation’s major credit rating agencies affirmed neither the private nor public sector was flourishing.

Standard & Poor’s affirmed its long-term credit rating on the United States at AA+ and said its outlook remains negative.

The credit agency made the announcement after Obama’s said Friday morning that the private sector is “doing fine” and that the GOP Congress is slowing down the economy. It was immediately pounced on by Mitt Romney and other Republican leaders, resulting in the president backpedaling by the afternoon.

Obama said late Friday it is “absolutely clear” that the U.S. economy is “not doing fine.” He also said there has been some “good momentum” in the private sector but Congress needs to act to help boost jobs in the public sector.

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