everyone is going to have to chatman. it's only fair. that the principle i will be fighting for during the next phase of the process. and in the coming months, i will continue also to fight for what the american people care most about, new jobs, higher wages and faster economic growth. while washington has been absorbed in this debate about deficits, people across the country are asking what can we do to help the father looking for work, what are we going to do for the single mom whose hours were cut back of the hospital. what are we going to do to make it easier for businesses to put up that now hiring sign? that's part of the reason people are so frustrated with what's been going on in this town. in the last few months, the economy has already had to absorb an earthquake in japan, the economic headwind coming from europe, the air of spurring and the oil prices all of which has been very challenging for the recovery. but these are things we couldn't control. our economy didn't need washington to come along with a manufactured crisis to

joining us this morning is cnbc's brian chatman. brian, good morning. >> hi, jenna. >> let's talk about this s&p downgrade. we know what it means for the country. it's now going to cost us more to borrow money. what does this mean for me and you? >> people are waking up and watching today and think, this is more minor league baseball. aaa to aa. the bottom line is we don't know 100%. there is a certain unknown. the borrowing costs are the key thing for the consumer because it's not just government. it could be businesses. it could be the consumer. that means if you have to pay more for your credit card, more for your mortgage, that's less money in your pocket to spend on other things. on top of that if the borrowing costs of the government go up, the government's going to spend more money on servicing its debt and your tax dollars don't go towards the services you expect. >> we can't say how did we not see this coming? the s&p warned us, if you don't cut this debt, you're going to get downgraded. cut about $4 trillion. we cut $2 tri