Rep. Jim Jordan: 'We are not going to raise taxes'

With President Obama and GOP congressional leaders in a stalemate over a deficit-reduction plan necessary to raise the nation's debt ceiling, two of the "Big Three" global credit rating agencies–Moody's and Standard and Poor's–announced yesterday that they were considering downgrading the United States' credit rating.

Moody's cited the "rising possibility" that the U.S. debt limit will not be raised in time to avoid default.

Representative Jim Jordan (R-OH), president of the Republican Study Committee, talked with Ali Velshi on American Morning about the potential downgrade, Representative McConnell's proposed plan and why he is pushing for a balanced budget amendment.