Whoooooooooops Your Austerity Deal!

Wall Street ends worst week in more than 2 years: "Stocks closed out its worst week in more than two years on Friday in a volatile session that saw major averages whip back and forth before the S&P 500 settled with a slim loss. ... For the week, the Dow fell 5.8 percent, the S&P 500 dropped 7.2 percent and the Nasdaq lost 8.1 percent."

Swell.

UPDATE: And it gets worse: Govt official: US expecting S&P downgrade:

A government official tells ABC News that the federal government is expecting and preparing for bond rating agency Standard & Poor's to downgrade the rating of US debt from its current AAA value.

Officials reasons given will be the political confusion surrounding the process of raising the debt ceiling, and lack of confidence that the political system will be able to agree to more deficit reduction. A source says Republicans saying that they refuse to accept any tax increases as part of a larger deal will be part of the reason cited.

The official was unsure if the bond rating would be AA+ or AA.

Awesome.