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    Following the last-minute debt deal agreed by President Barack Obama and congressional leaders, one strategist is predicting the rating agencies should downgrade US debt by two notches.

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    On a weekend of high drama, President Barack Obama finally managed to get congressional leaders on both sides of the political divide to agree on a compromise plan to raise the debt ceiling and avoid a potentially devastating default.

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    The reverberations of Washington’s impasse over a debt deal are already being felt in the short-term credit markets, a key artery of the economy that daily supplies trillions of dollars of credit the New York Times reports.

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    Across Wall Street, bankers and traders—including company executives—are aggravated that the Fed "is refusing to engage in scenario planning for a US downgrade or default," the FT reports.

  • President Barack Obama

    When "the dollar is the reserve currency underpinning the system, waking up to discover that U.S. debt may not be AAA after all is surely a market event,” says an analyst at one European bank.

  • Politicians in Washington, D.C. finally agreed on a deal that would extend the ability of the government to borrow money beyond August—preventing a default on  or other obligations.But even with the U.S. debt ceiling raised, a short-term deal that does little to raise revenue or cut spending might result in a downgrade of the country's long-term debt. Moody’s and Standard & Poor’s might decide that the failure to produce a longer-term solution to the U.S. debt burden indicates that the country's

    You might be surprised by some of the possible answers. Click ahead to see what happens if the U.S. credit rating is downgraded.

  • Last night, I spoke with David Beers, head of S&P's sovereign debt rating committee on CNBC’s Kudlow Report. He made it very clear: the U.S. must take steps to lower its debt/GDP trend over the long run.

  • home loans

    As we edge ever closer to next Tuesday, August 2nd, those of us who cover the housing market are trying to figure out what this will mean to mortgage interest rates. They are currently bouncing around historic lows and have been for some time. Refinances are surging, as the seven people left who haven't yet refied are scrambling to do so. But are we all worried over nothing?

  • Which sovereigns are the potential winners of the U.S. debt crisis?

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    As the U.S. inches closer to a possible default, the already struggling municipal markets are feeling the pain, Bernard Beal, CEO of M.R. Beal & Company, told CNBC Tuesday. 

  • Widely followed market strategist Dick Bove says that if the stalemate over the debt ceiling results in higher borrowing costs, the ripple effects will be severe.

  • Wall Street Rally Ahead?

    As the Aug. 2 deadline to raise the country's $14.3 trillion debt ceiling approaches, investors should expect a downgrade—although it will probably only have a minor impact, said Thomas Lee, JPMorgan's chief U.S. equity strategist.

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    Stephen Walsh, CIO of Western Asset management, told CNBC Monday that it’s the borrowers at the lower end of investment grade that may suffer if there is a downgrade of U.S. debt.

  • Federal Reserve

    The Federal Reserve maybe able to fund the U.S. government if no deal to raise the debt ceiling is reached.

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    A job loss can be devastating to a family's finances. Your "Plan B" might be starting your own business, going back to school or training for a new career while looking for a new job. How do you begin?

  • Rating Agencies' Power Justified?

    Discussing whether credit agencies wield too much influence, with Win Thin, Brown Brothers Harriman, and Andrew Busch, Money in Motion.

  • S&P's Chambers on Debt Ceiling Debate

    The debate has lasted longer and has been more intractable than anyone has expected, says John Chambers, S&P managing director.

  • Moody's U.S. Bond Rating on Review

    Weighing in on what a downgrade of U.S. bond ratings will mean to investors and the U.S. government, with Roger Altman, Evercore Partners founder/chairman.

  • Moody's is punishing the wrong EU member by downgrading Ireland, Wilbur Ross Jr., CEO of WL Ross & Co., told CNBC Wednesday. If Moody's "downgrades enough people recklessly, nobody will be able to access the public markets in 2013. I think it's a ridiculous idea."

  • Moody's Cuts Ireland to Junk

    Ireland is the "one good student in the pool," says Wilbur Ross, Jr., WL Ross & Co. chairman/CEO, who continues to say Moody's is punishing Ireland at this point, making it harder for Ireland to access the public market.