Asian Markets Down, European Markets Steadier After U.S. Downgrade

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"We must do better to make clear our nation's will, capacity and commitment to work together to tackle our major fiscal and economic challenges," Carney said in a statement.

Many experts are saying not to read into the ratings downgrade too much, pointing out that the other two major rating agencies still have the U.S. ranking at AAA and saying that the United States is still in a strong position.

"We've only gone down one step," said Donald Marron, former acting CBO director. "The ratings have you know 20 different levels to them. We're down at the second level, so this is not saying we are doomed by any stretch but it's saying that they do have some concerns about us."

Still, the downgrade has left many Americans concerned that the country is losing its footing as the global leader.

"We have to figure out though how we're going to play going forward and I think if don't get our house in order we're in danger of slipping in our ability to interact as a global player," said Gary Knell, a resident of New York.

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