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WASHINGTON –   For the first time in history the U.S. credit rating was downgraded – and the White House celebrated in style!

Standard & Poor’s announced Friday night that it has downgraded the sterling U.S. credit rating for the first time in the nation’s history.  The Obama Administration not only shrugged off the announcement, and held another barbecue party before the President headed to Camp David for more parties this weekend.

“We’re still AA+,” said Jay Carney, the White House Press Secretary.  “An A+ is an A+, we’re still at the top of the class.  If we were downgraded to a B or B+ we would be concerned, but we’re still A rated!”

Obama’s had it’s second Hip-Hop BBQ in two days.   The President had Earth, Wind and Fire over to the White House along with Jay-Z, Beyonce and Oprah.  They all danced in a conga line around Tim Geithner, the Treasury Secretary, who seem unfazed by the downgrade.

“It’s a tiny downgrade, we’ll be upgraded soon.  It’s no big deal.  Have another mojito,” said Geithner to WWN’s Frank Lake.

S&P decided to lower the AAA rating, held by the United States for 70 years, to AA+ after a bipartisan debt deal signed into law this week failed to assuage concerns about the nation’s growing spending.

Analysts have said a downgrade could increase the cost of borrowingfor the U.S. government and lead to tens of billions of dollars in more interest costs per year. That could translate into higher borrowing for consumers and businesses, too.

Nancy Pelosi and Harry Reid were at the White House “dancing barefoot in the Rose Garden.”

“The downgrade does not affect the White House,” said one White House insider, “we all just got 20% pay raises!”

Tom Hanks danced on a piano rug with Susan Sarandon.

“The president asked everyone to dance — and they did!” read a Politico account of the “Downgrade Party.”  The menu included barbecue chicken, ribs, hot dogs and salad.

Also present: Chicago pals, law-school friends, donors — and lots of kids of friends, who stole the show by doing dance routines to the hip-hop songs, in the center of the East Room.’

“This is the best downgrade party I’ve ever been to!” said one young White House insider.  “This is awesome!”