America has a political risk issue to resolve
This from June 17th, 2011 based on an IMF report indicating political risk in the US, seemed to many as an irrelevant comment at the time. No more, and note the reference to political risk in the S&P report. All the talk of the $2 trillion mistake is missing the point.
Even after the mistake is adjusted, the fact of American arrogance and political ineptitude between the three branches of government (Congress, Senate, President) adds up to political risk when viewed from outside America.