Well this sucks…

S&P Warns U.S. of Additional Credit Downgrade

Global credit rating agency Standard and Poors has warned that the United States may be downgraded AGAIN.

S&P’s sovereign ratings’ managing director John Chambers said Wednesday that the U.S. needs to have a credible medium-term fiscal plan.

Chambers said the U.S. has a one-in-three chance of being downgraded if it doesn’t come up with a plan to reduce its “unsustainable” trillion dollar deficit.

However, S&P does not expect to see any decisive steps to tackle the problem until the U.S. Presidential elections are over.

The agency cut America’s sovereign credit rating for the first time last August to AA+ from Triple-A with a negative outlook.