The U.S. is in a weaker position now than when S&P downgraded its sovereign credit rating in 2011, according to the former chairman of the agency's sovereign rating committee.
S&P controversially downgraded the long-term credit rating from AAA representing a "risk free" rating to AA+ as early as 2011, citing political polarization after another debt ceiling squabble in Washington.
John Chambers, former chairman of the Sovereign Rating Committee at S&P Global Ratings at the time of that 2011 downgrade, told CNBC's "Capital Connection" on Tuesday that a government shutdown is likely and that the whole episode was a "sign of weak governance."
This was a factor that led to S&P's downgrade of 2011, and Chambers said the U.S. fiscal position is now even weaker than it was back then.
At the time, we forecasted that it might get to 100% of GDP, and the government ridiculed us for being too scaremongering," he said.
Persons:
Joe Biden, Kevin McCarthy, Fitch, John Chambers, CNBC's, Chambers
Organizations:
D.C, U.S . Capitol, AAA, Sovereign
Locations:
U.S, Washington