John B. Chambers led the team at ratings agency S&p that decided to downgrade the country's AAA rating in 2011. It was a big decision, and it took a personal toll — but he has no regrets.

Debt ceiling dramas have been going on a long time. The first one happened exactly 70 years ago. President Eisenhower asked Congress for an extra $15 billion and the Senate said, "No dice."

The Treasury estimates the country could default on its loans early next month. But negotiators are still hashing out key provisions like whether to expand work requirements for federal assistance.

Investors are still hopeful that lawmakers will clinch a deal to raise or suspend the debt ceiling. That's because failure to do so could have devastating consequences in markets.