CEDAR RAPIDS, Iowa — It’s a steamy August day, and the candidate arrives shortly after high noon for an outdoor rally in full sun. But bounding off the campaign bus, she is smiling broadly, and no wonder: It’s a good day to be Michele Bachmann.

That’s because the credit rating service Standard and Poor’s has downgraded U.S. government securities, just days after Congress and the president agreed to a plan to raise the federal debt ceiling — a plan that drew a “no” vote from Rep. Bachmann when it came to the House floor.

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