"S & P specifically stated that it was because of the lack of new revenues that they did the downgrade."
Read the actual report at standardandpoors.com (it's a full 8 pages, so I don't expect anyone to actually do this). If you're a real partisan and have already made up your mind, you won't be affected by it. But the reality is, there's lots in there for partisans on either side to latch onto.
The report highlights the debt debate political climate, of course. It was hard to reach an agreement, even though everyone knew this needed to be done for a *long* time. The debt ceiling could have been raised and the deficit decreased when the Democrats had control of everything for two years. Or, the House Republicans could have just said "OK, you get whatever you want, and we'll fight for our policies in the next election". Or, they both could have compromised a month earlier, rather than waiting until it was within a day. But none of those things happened. Go ahead and blame whichever party you don't like.
But it also talks about plain old fiscal policy and debt trajectory. Even if there had been a clean debt ceiling increase, it's not like the problem goes away. It just pushes it away a little longer, which is not particularly good. It's unclear that a clean increase would have avoided this rating drop. Again, blame whichever party you don't like: the Republicans in power from 2000-2006, the mixed government from 2006-2008 (of particular interest is that the Democrats controlled Congress for two years before the 2008 crisis), the Democrats in power from 2008-2010, or the mixed government we have now. No story around the fiscal policy really looks good for any party.
It talks about a lack of ability to increase revenues (which could be interpreted as lack of ability to raise taxes, but those things aren't exactly the same).
And it talks about lack of changes to Medicare and other entitlements.
It also talks about the not-so-hot economy. This means fewer people are paying taxes, and the absolute taxes that each person pays are lower (even if the tax rate is the same). It may also mean that more government services (like unemployment) are being consumed, but I'm not sure how significant that is. Again, blame the party you don't like.
What I think we can all agree on is that this is irresponsible. We are demanding more than we can provide, and making up the difference by borrowing more than a third of what the federal government spends. We know this is unsustainable, and we do it anyway because we want, want, want; now, now, now. We then hide our irresponsibility by exempting the government from the accounting standards we require of public businesses.