let's get to more on the breaking news we're following right now. the credit rating agency fitch, fitch has just put the united states on a rating watch negative. that's a warning, not a downgrade from the aaa rating yet, but it's a serious warning and it could be a major foreshadowing of much more serious action if, if that default clock gets down to zero. cnn's richard quest is joining us from new york right now. in 2011, s&p actually downgraded the u.s. credit rating from that aaa status, now fitch is warning it could do so. moody's has not yet acted. these are serious warning signs that could have enormous ramifications on the u.s. economy, richard. >> reporter: absolutely. one level, just because this is a crack in the dam, if you like,