Hot Air has this update to a post about what the S&P wishes to see:

Update: If we don’t stabilize and reduce our long-term liabilities soon, we’ll get downgraded again, says S&P:

The credit rating agency’s managing director, John Chambers, tells ABC’s “This Week” that if the fiscal position of the U.S. deteriorates further, or if political gridlock tightens even more, a further downgrade is possible.

Chambers also said Sunday that it would take “stabilization and eventual decline” of the federal debt as a share of the economy as well as more consensus in Washington for the U.S. to win back a top rating.

He puts the odds of another downgrade at 3:1.  I’d call it even money, at least while Democrats continue to blame the Tea Party for, er, wanting to do exactly what S&P demands.