The economy isn't doing well, but S&P said Friday it was downgrading U.S. debt because of politics, that there's such a gap between the parties, it throws into serious doubt the government's ability to govern responsibly. But where's the gap?
How American consumers will be affected: most mortgages and credit card interest rates are tied to U.S. Treasuries. That means higher mortgage payments and credit card bills.
The volatility in the stock markets isn't just spooking traders. It's making employers think twice about hiring, consumers think twice about spending, and affecting our entire economic outlook.
