Man Who Downgraded America Weighs In On Debt Ceiling Drama

In 2011, Standard & Poor’s famously downgraded US debt for the first time. The man who oversaw that decision was David Beers, at the time S&P's head of sovereign credit ratings. During his career, Beers has also been a special adviser to the Bank of England and the Bank of Canada, and currently serves as a senior fellow at the Center for Financial Stability. The 2011 decision was predicated in part on "political dynamics." "From the standpoint of fiscal policy, the process has weaken