They'll say it again:
Standard & Poor's reiterated on Thursday it sees a real risk that future U.S. government deficits may meaningfully miss discussed targets and that there is a 50-50 chance the U.S. AAA credit rating could be cut within three months, perhaps as soon as August. ... If an agreement is reached to raise the debt ceiling but nothing meaningful is done in terms of deficit reduction, the U.S. would likely have its rating cut to the AA category, S&P said.
And, if you're a Congressional Republican, they'll sit down with you and walk you through it slowly.
S&P says 50-50 chance of U.S. downgrade [Reuters]