U.S. loses top credit rating

The S&P just cut the long-term U.S. credit rating by one notch to AA-plus on concerns about growing budget deficits. U.S. Treasuries, once seen as the safest investment in the world are now rated lower than bonds issued by the UK, Germany, France and Canada. The Washington Post's Ezra Klein and CNBC's John Harwood joined The Last Word to discuss the economic impact of Standard & Poor's downgrade on the country.