Yesterday, Standard & Poors followed up on their threat to downgrade the United States' vaunted "AAA" debt rating. America's current debt rating stands at a mere "AA+".
Jane Hamsher of Firedoglake has not just one, but two blog posts that lay it all out for viewers, so go there.
Shit could hit the fan, or nothing much but a bit of dented pride could happen, if other credit rating bureaus don't follow S&P's lead.