Credit agency Fitch Ratings downgraded the trustworthiness of the U.S. government Tuesday, saying successive standoffs over the nation’s debt ceiling and rising federal debt have cast doubt on the country's ability to meet all its payment obligations.
The credit agency Fitch Ratings downgraded the trustworthiness of the U.S. government on Tuesday, saying successive standoffs over the nation’s debt ceiling and rising federal debt have cast doubt on the United States’ ability to meet all its payment obligations.The ruling, issued shortly after financial markets closed trading for the day, moves the federal government’s rating as a currency issuer from “AAA” to “AA+.
In a statement, Fitch said the revision reflects both the standoffs over the debt ceiling and the federal government’s “high and growing” debt burden. House Speaker Kevin McCarthy and President Biden approved a deal to lift the debt ceiling, but only“In Fitch’s view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters,” the statement said.
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