WASHINGTON (AP) — A Standard & Poor's executive says the agency will give the U.S. government its lowest credit rating if lawmakers fail to raise the borrowing limit and the United States defaults on its debt.

The U.S. reached its $14.3 trillion borrowing limit in May. The U.S. Treasury says the government is at risk of defaulting if the limit isn't raised by Aug. 2.

John Chambers, managing director of sovereign ratings at S&P, says in an interview with Bloomberg Television that the U.S. would lose its AAA rating if that happens, and receive a D instead.

Chambers says: "If any government doesn't pay its debt on time, the rating of that government goes to D."

A lower credit rating would mean consumers would pay higher rates on mortgages and other loans.