Durbin pointed out that S&P’s major complaint pertained to the politics that affect the economy rather than the economy itself.

“If you read the report, incidentally, they are not critical of the strength of the economy, they are critical of the political things that are going on in Washington,” Durbin said.

“We had this high-noon showdown over whether we are going to extend the debt ceiling, and it's the first time it's ever happened, it makes them nervous,” he said. “It’s that nervousness that led to the downgrade.