US Default vs. Downgrade: Analyst

5:00 AM ET Wed, 27 July 2011

"In terms of where we are now, I would still agree with everybody else that it's unlikely that we get to a technical default," John Authers, head of the Lex Column at Financial Times told CNBC. "But it seems to me more than 50 percent likely that we will get a downgrade (of the United States' credit rating)," he added.