Standard & Poor's has notified the US it is downgrading America's credit rating for the first time ever in our history. This article points out the decision has been tabled as S&P was off on their math. Not a great day in our history. If you go to S&P's website (registration required), you will see that in the report, they also state they may lower the rating again within two years if American lawmakers do not decrease the debt.
"The report said the reason for the impending downgrade was partly a lack of confidence in lawmakers to agree to further U.S. debt reduction and confusion surrounding the process of raising the debt ceiling."
Read more: http://www.foxnews.com/politics/2011/08/05/us-official-says-sp-reconsidering-us-credit-downgrade/#ixzz1UCpoFXG2
To clarify, the reason is "a lack of confidence" that the US will reduce it's debt. S&P isn't concerned that we don't have a high enough debt ceiling (aka enough credit cards) but that America is not cutting spending.
Personally, this process makes me feel very vulnerable. As a country, we are not setting ourselves up for success and there is no end in sight to our spending. America is a country where people are becoming more and more dependent on the government, a government that seems to not hear its people. These are scary times.