President Obama has endorsed a plan from the Senate's bipartisan "Gang of Six" that would shave nearly $4 trillion off the deficit over the next 10 years.
The major credit rating agencies have warned that the government needs at least that level of deficit reduction to preserve its top-notch bond rating. It's a powerful message from the rating agencies, which were largely discredited in the years leading up to the financial crisis.
Defaults Driven By Politics