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.