Moody’s Mark Zandi: ‘We Need to Raise the Debt Ceiling’

Earlier this morning, credit ratings agency Moody’s moved one step closer to downgrading the United States’ Aaa rating when it announced the country’s credit rating is under review. The move ramps up pressure on the White House and Congress to reach a deal on raising the nation’s $14.3 trillion debt limit before August 2. Mark Zandi, chief economist for Moody’s  Analytics, explains what will happen if the U.S. loses its Aaa credit rating. He says that lawmakers need to reach a deal and increase the debt threshold in order to avoid worldwide financial calamity.