S&P Downgrade Roils Markets, Worries Consumers

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Traders work on the floor of the New York Stock Exchange.
From and

Standard and Poor’s downgrade of the United States' credit rating on Friday, for the first time in history, brought condemnation from government officials, and fears of market turmoil. S&P's managing editor, John Chambers, told ABC News' "This Week" that there was a one in three chance of a further downgrade. He also said that the U.S. could regain its AAA rating, but warned that it may take as long as two decades — if it happens at all.

Mark Zandi, chief economist at Moody’s Analytics, and Louise Story, Wall Street and finance reporter for The New York Times, talk about what impact the downgrade will have on the U.S. economy.