California Republican and House Budget Committee member Tom McClintock said Tuesday it's not default Americans should be worried about -- it's a downgraded credit system, which he says is a very real possibility despite a debt deal.

"As far as protecting the full faith and credit of the United States, we have more than enough revenues coming in to meet our debt obligation," McClintock told Chris Stirewalt on Power Play Live. "Default's not on the table."

But what he says is on the table is much worse.

"We can increase the debt limit and still see a downgrade in the nation's credit for failure to adopt a credible plan to reduce the deficit by at least $4 trillion," McClintock emphatically warned.

That's why McClintock says he'll continue to examine every scrap of information in House Speaker John Boehner's plan - as opposed to Senate Majority Leader Harry Reid's, which McClintock says isn't adequate.

As the deadline to raise the debt ceiling approaches, Chris will have the very latest on the status of negotiations. Wednesday the House plans to vote on Speaker Boehner's proposal. Don't miss the latest from both sides of the aisle as we talk to Reps. David Schweikert and Hansen Clarke. Read Chris' column first at foxnews.com/politics and then join the discussion at 11:30a ET at live.foxnews.com