In U.K. Downgrade, a Warning for America

Moody's has downgraded the Brits' credit rating. Here's why America should take note.

The British government bid cheerio to its Moody's Aaa credit rating last week.

The message for lawmakers from the U.K. appears simple: get the debt under control, but don't derail the economy. But within that deceptively simple message is a complex economic challenge.

"In the U.K., part of the reason for their downgrade is they've gone through with austerity, they've tried bringing debt levels down, but now they have a shrinking economy," says Pride. "That's the fine line we have to skirt in the U.S.: we have to maintain economic growth, and we have to show fiscal discipline at the same time."