First, America's credit was downgraded and up next may be the credit for Dallas and Tarrant counties.
Moody's, a credit agency that provides ratings and advisory services, moved several Texas borrowers to a negative outlook including Dallas and Tarrant counties because their debt is closely tied to the debt of the country.
Any debt issue with the federal government hurts both counties, according to the agency.
"The ratings of these local governments, particularly those with a high economic dependence on federal activity, would be vulnerable to a downgrade of the U.S. government" said Moody's senior vice president Matt Jones, a team leader covering local government ratings.
Also downgraded to a negative outlook by Moody's were the Garland Independent School District, the Highland Park Independent School District, the city of Richardson and the Tarrant County Hospital District.
Statewide, the city of San Antonio and Bexar County also made the list as well as Austin's Travis County.
Moody's did not downgrade America's debt, but did give it a negative outlook.