Its Time For Global Settlements

(6-14-11) Last week it was revealed that Fitch's and other credit rating agencies "would slash to 'junk' the ratings on all Treasury securities, seen worldwide as a risk-free investment, if the government misses debt payments by August 15," reported Reuters.
"Moody's and Standard and Poor's have issued similar warnings. But Fitch was the first among the big-three rating agencies to say Treasury securities could be downgraded, even for a short period, to a non-investment grade.

"The agency said even a short-lived default, also called a technical default, would suggest a crisis of governance from a sovereign credit and rating perspective."

What does that mean?

We are past the debt limit ceiling now. The bill to raise the debt ceiling came up in Congress in early May.
This gets back to the mistake that the Framers made. The Constitution gives Congress the ability to essentially control the National Debt. This has proven to be a mistake since the days of Thomas Jefferson, who himself said that this was the mistake that he and Franklin made in the writing of the Constitution.