The debt has reached a breaking point and the United States is losing it's credit rating with the rest of the world. If they can not reach an agreement on spending cuts and budget, it could be real trouble for the United States as well as the citizens.

With partisan squabbling increasing ahead of a vote to raise the nation's borrowing limit, aides to a bipartisan "gang of six" lawmakers in the Senate are working through a holiday recess on a deal to slash the country's skyrocketing debt and deficit.

Staffers for the group tell Fox News that their goal is to produce an agreement by May 2 to present to Congress when lawmakers return from their Easter break.

And with Monday's blunt warning from the credit rating agency Standard & Poor's about U.S. debt, and the financial markets' subsequent drop, the pressure is growing more intense.

"This is one more warning sign that the financial markets are paying close attention to see if we are serious about addressing our budget deficits and long-term debt," said Sen. Mark Warner, D-Va., a former governor and lead organizer of the so-called "gang of six," in a statement released by his office.