There are reports that S&P gave notice to the Obama Administration Friday that it will downgrade America's credit rating. However, apparently that is no longer a big deal.

Credit rating agency Standard & Poor's served the Obama administration with notice Friday afternoon that it planned to downgrade the U.S. government's AAA credit rating, an administration official told CNN.

But S&P has yet to make its ruling public, and the source told CNN that the agency is reconsidering after the administration challenged S&P's analysis of the government's finances...

Even if a downgrade were to occur, the United States will likely still be able to pay its bills for years to come and remains a good credit risk.

Investors have limited options for making safe investments, and Treasuries are effectively as liquid as cash. And other big countries have been downgraded and were still able to borrow at low rates.

Wait... so now a downgrade of America's credit rating is no big deal? We'll still be able to pay our bills for years to come and remain a good credit risk?

A week ago President Obama said: "If we don't do that, if we don't come to an agreement, we could lose our country's triple-A credit rating."

How quickly the story changes.