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Posted By: Lori Ann LaRocco | CNBC Sr. Talent Producer


Raising the debt ceiling may be considered a "done deal" but the fact the cuts don't satisfy S&P's requirements has investors wondering if the downgrade shoe will drop. Stocks rallied on the news of the debt deal and industry associations from all sectors are cheering as well.

But early on the tape went red. I caught up with Rob Nichols, President of the Financial Services Forum whose members are the big banks what they think of the deal and the fears of what a U.S. downgrade could mean to the economy.

LL: What do you think of the deal?

RN: With August 2nd just hours away, we applaud the congressional bipartisanship involved with reaching this framework and believe that this agreement is the best possible path forward to restoring market confidence while putting ourselves on a path toward long-lasting fiscal responsibility.  This agreement will avoid the consequences of an unnecessary default on the nation’s obligations and is an important step towards a sustainable fiscal future.

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fsforum RT @LaenaFallon: Morning must read: @ForumPrez in today's @AmerBanker "TBTF Fading in the Rear-View Mirror" http://t.co/FGss4fYi2O
fsforum .@ForumPrez Rob Nichols' op-ed in @AmerBanker's @BankThink: #TBTF Is Fading in U.S.’s Rearview Mirror http://t.co/WgG5vdD1ue
fsforum RT @engagechina: Live: Fmr Treasury Sec. Paulson speaks at @CSIS event "#China's Economic Policymaking at a Time of Transition" Watch: http…

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The Financial Services Forum is a non-partisan financial and economic policy organization comprising the CEOs of 18 of the largest and most diversified financial services institutions doing business in the United States.

The purpose of the Forum is to pursue policies that encourage savings and investment, promote an open and competitive global marketplace, and ensure the opportunity of people everywhere to participate fully and productively in the 21st-century global economy.