Long Term Downgrade

It might behoove observers (and participants) to bear in mind that it was the long term US Treasury bond that was downgraded from AAA to AA+ by Standard and Poor's.

The two-year Treasury still retains its top rating.

Now then, what are the differences between short term and long term Treasuries? And what are the differences between long term US Treasuries now and, say, last year?

The one we'd like to point out is: the costs of Obamacare. Congress didn't even raise the issue of these costs as it crafted its budget compromise. The market waited for it do so, and it failed.