When Standard and Poor’s moved up their timeframe for a downgrade on U.S. sovereign debt from three to five years to just 90 days, Dave Beers, Director of the Sovereign Debt Division explained that the rating of U.S. debt is not on the verge of falling because the debt ceiling debate in Congress hasn't been resolved:

The debt ceiling is not the central preoccupation that we have. We put the United States on credit watch because we’re growing less certain that this political debate can be resolved. This was not merely about the debt ceiling.

The problem with the U.S. is that there is no strategy. There is a debate about what the strategy would be. But there’s nothing close to a consensus.

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