Standard & Poors downgrades US credit rating

Three years after the subprime crisis, Washington is still suffering. Private debt from households and businesses has become public debt, reaching 100% of GDP. Years of tax cuts and increased spending have taken their toll - US growth is expected to be under 1% for 2011. Ratings agencies also believe Washington is not doing enough. Standard & Poors has now downgraded the nation's credit rating for the first time in its history.