Standard and Poor's John Chambers Defends Decision to Downgrade U.S. Credit Rating

Standard and Poor's managing director John Chambers defended his agency's controversial decision to downgrade the credit rating of the United States from AAA, saying there is a "1 in 3 chance" of a further downgrade if the fiscal situation worsens or "if political gridlock becomes more entrenched." "We've been saying for some time that the fiscal trajectory of the United States was on a bad path," Chambers said in an interview with "This Week" anchor Christiane Amanpour. "If the fiscal...Full Story