The U.S. is no longer rated at the top-notch AAA by Fitch. Here's what credit ratings are, and why they (mostly) matter.
John B. Chambers led the team at ratings agency S&p that decided to downgrade the country's AAA rating in 2011. It was a big decision, and it took a personal toll — but he has no regrets.
Treasury Secretary Janet Yellen says unless lawmakers raise the debt ceiling by June 5, the government won't have enough money to pay all of its bills.
Unless Congress acts to raise the federal debt limit, the U.S. government could run short of cash to pay its bills as early as June 1. Seniors, veterans, government workers and others would suffer.
From social security payments to interest rates, a lot hinges on a debt-ceiling deal. Personal finance experts say you should prepare for a possible debt default as you would a recession.
The U.S. is undertaking "extraordinary" measures to avoid defaulting on its obligations after the country reached its debt limit on Thursday. Now, a big political fight looms.