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.
He is looking at all the plans, and he is waiting for a final product.
But right now a U.S. downgrade is 50-50. S&P's next step could come very soon.