go. captions by closed captioning services when you don t usually work here you know object weekends and with you guys, you start to notice little video sin i idios, you have a lot of pregnant pauses. right now. william shatner? a little william shatner. get started right now. it s the coffee is kicking n those very moments. keep those emails coming in because we asked you a little while earlier to what you want to name president obama s bus tour. taxpayer funded. you should get to name it keep those emails coming in. pay for it, you name it. will you pay for this downgrade in our credit status though? that s a big question to all of you there. as you know late friday night our credit downgraded from aaa to aa plus. it sounds like a lot of financial lingo talking to a lot of expts from wall street and
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earlier today that the u.s. credit rating could go from aa plus down to aa in at least six months time if the u.s. has not come up with at least $4 trillion in total package of cuts. s & p s john chambers has already told investors on a conference call that we listened to last week that the reason why they put the country at a fast track for a downgrade was because of the acountry moanious fighting going on that the u.s. government could come up with the $4 trillion plus in cuts. he said at that time the $4 trillion was at least a down payment. so this puts the onus on that new 12-member bipartisan committee to come up with the additional cuts by november. and so this is what s & p is watching. the further downgrade could come between at least six months or 24 months span of time. back to you. arthel: liz, the s & p, they re watching what s going on with this new committee, this new commission. however, the folks watching
united states government to aa plus from triple a, the rating was motivated by a number of factors. one was the political gridlock in washington, which makes us think that it s going to be difficult for elected officials to put the fiscal profile of the u.s. government on a long-term sustainable path. and part of it was because of the fiscal path itself. the downgrade coming days after congress finally agreed to massive spending cuts, reducing the nation s debt. too little, too late for standard and poors and millions of americans struggling in this economy. hasn t gotten any good news lately. everything causing more jobs. i think we got very, very bad leadership and bad interest groups affecting things negatively. it started 12 years ago and continued on.
on america having a good credit rating. tonight it s been downgraded for the first time, changing our rating from aaa to aa-plus. i m joined now by jerad bernstein, former member of president obama s economic team, former economic advisor to vice president biden. mr. bernstein is now a senior fellow at the center for budget and policy priorities. jerad, thanks for your time. my pleasure, great to be here. standard and poor s has downgraded the united states. moody s and the other agencies have not. what s the importance there? the importance there is many fold. first of all, they are one of three and it s easy to think oh, my goodness, u.s. has been downgraded, end of story. no, as long as the other two have us at aaa, which they do, and have asserted they ll keep at least for a while, there are lots of things that probably don t happen. if all three downgraded at the
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