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a vote of no confidence in america's leaders to seriously deal with our debt crisis before it gets out of hand? >> it's certainly a vote of faltering confidence. i'm not sure it's no confidence. what they're saying is there is a one in three chance that the u.s. credit rating of aaa, a credit rating we've held all the way back to the first world war, would be lowered if we don't act soon. ali, what i found particularly interesting about the s&p analysis was the conventional wisdom in washington is, wait until the 2012 election, fight it out over that and come and act in 2013 and 2014...

wac to the first world war, would be lowered if we don't act soon. what i found particularly interesting about the s&p analysis was what the conventional wisdom in washington is, wait till the 2012 elections, fight it out over that and then come and act in 2012 and 2013. and s&p says, no, too late, can't wait until the 2012 election. they're saying 1 in 3 chance. they're going to lower our credit ratings if they don't act before the 2012 elections. >> that's the issue. deal with it sooner than later according to s&p. steven moore is an editorial writer with "the wall street journal."...