An agreement to end the partial government shutdown and avoid a possible U.S. default easily passed the Senate and headed to the House for a vote expected later Wednesday.
The man at the center of it all is not in Congress. He works for the credit rating agency Standard and Poor's. His rating of America's debt determines how much taxpayers pay in interest on our nations debt, our homes, our credit cards.
S&P announced today that it estimates the shutdown took $24 billion out of the U.S. economy.
OutFront: John Chambers, Managing Director, Standard & Poor's.
Erin asks Senator John Cornyn if Republicans will use raising the debt ceiling as leverage against the President in the future after the disastrous summer of 2011.
It is 365 days since the United States lost its top-tier Triple A credit rating. Standards and Poor (S&P) lowered the U.S. credit rating to AA+ out of concern over big budget deficits and rising debt.
"The downgrade reflects our opinion that the fiscal consolidation plan that Congress and the Administration recently agreed to falls short of what, in our view, would be necessary to stabilize the government's medium-term debt dynamics," S&P said in a statement.
Sen. Mark Warner (D-VA), a former member of the gang of six, a group of three Democrats and three Republicans who worked to find a compromise on the U.S. debt crisis. The resolution brought by the group was met by praise from the President and criticism from Republicans. Like other debt crisis initiatives, Bowles-Simpson and the Super Committee, Congress failed to act to save the U.S. from the fiscal cliff.
CNN's Erin Burnett talks to Sen. Mark Warner about what the downgrade has done to the U.S. economy and what Congress is doing to get us back to Triple-A.