S&P reaffirmed its investment-grade credit ratings on the U.S. long- and short-term debt itself. But it said the U.S. government is in danger of losing the top ranking if it doesn't come up with a credible plan for reducing its debt.

The Washington braying we hear is about reducing only the deficit. It is as though all parties have conceded we lack the will, the discipline, the desire to ever pay down the principle.