Standard and Poor’s downgrade of the United States' credit rating on Friday, for the first time in history, brought condemnation from government officials, and fears of market turmoil. S&P's managing editor, John Chambers, told ABC News' "This Week" that there was a one in three chance of a further downgrade. He also said that the U.S. could regain its AAA rating, but warned that it may take as long as two decades — if it happens at all.

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.

If Washington lawmakers cannot come to an agreement on the nation’s operating budget by Friday, the government will be forced to shut down many of its non-essential functions, sending thousands of government employees home without a paycheck.  

Over 800,000 federal employees were furloughed in the nation's November 1995 shutdown, and about 284,000 workers were sent home in a second shutdown a month later. Combined, those two shutdowns cost the government about $1.4 billion. However, those shutdowns coincided with a time when America was experiencing one of its longest periods of financial growth. If the shutdown were to occur on Saturday, it would be doing so in a very different financial climate.  

Stock markets around the world seemed jittery yesterday: The Dow Jones industrials dropped briefly below 10,000 before making up most of their loss. Since a recent high in April, the Dow has dropped nearly 12 percent. What does this number indicate about our economy? Is the market the end-all-be-all measurement of how our economy is doing?

• ECONOMY TAKEOUT: Even after a $1 trillion bailout plan, the euro fell to its lowest level in four years for a brief moment last week, causing bank shares in Europe to plunge. Wall Street followed suit. We talk with Dr. Mark Zandi, Chief Economist of Moody's Analytics, about how Europe's economic woes could impact the U.S.
• SPORTS TAKEOUT: Last night's NBA and NHL playoffs are recapped by Takeaway Sports Contributor Ibrahim Abdul-Matin, who also tells us about a Canadian doctor charged with supplying performance-enhancing drugs to professional football players. 

President-elect Obama kicked off the week on Capitol Hill, pitching his economic stimulus plan. It’s a plan that leading Democrats are eager to have signed first thing on January 20th. To jump-start the stimulus debate, House Democrats are holding a number of informal hearings, starting today. Mark Zandi, Chief Economist for Moody’s, will be among the many experts who are testifying today. He joins us now for a preview of what he will say on the Hill.

For more on Mark Zandi's take on the economic crisis, buy his book Financial Shock: A 360º Look at the Subprime Mortgage Implosion, and How to Avoid the Next Financial Crisis.