Fox News Focuses on Economy as S&P Downgrades US Credit Rating

Fox News has been breaking into taped programming throughout the night Friday night and early Saturday morning to update viewers on the news that Standard and Poors has downgraded the US sovereign credit rating to AA+ from AAA.

Additionally, Neil Cavuto will be hosting a two hour economics block of live programming from 10am ET on Saturday.  It is the third week in a row that Cavuto has been live on the air on a Saturday.

Cavuto, who has been broadcasting all week from Washington DC as Congress came close to the wire on a debt ceiling deal, will look at the effects of the ratings downgrade, and what it means for the economy going forward.

Speaking to Fox News Insider, Cavuto said; "This weekend, we’ll look at why we’re still weakened – very shaken, but sadly, not much stirred. Washington is at a loss about what to do, and markets the world over are flummoxed over whether there’s anything ANYONE can do. That’s why we’re LIVE again this weekend. Same tune. Different Saturday. Same purpose: Cut through the clutter and the noise and help you get a grasp of a world increasingly unable to get a grip.

"...Normally we come out of recessions with a boom, then at best, a slow bust. Not this time. Because this time, we’ve got some company. Actually we’ve got the entire world. Italy’s teetering. Spain’s hiccupping, and nervous European lenders are wondering: do we have enough money to bail out ALL these guys? The truth is, no, they don’t, and we’re hardly in a position here to fix this fix. Our fiscal well has run dry and we’ve just signed onto a debt deal that still adds more than seven trillion dollars in red ink over the next ten years, even after the two trillion in planned spending cuts. It’s that bad, that pervasive, and that worrisome."

On the Brink, Answers from the Abyss airs from 10am ET on the Fox News Channel.