Ratings agency Fitch on Wednesday put the United States' credit on watch for a possible downgrade, raising the stakes as negotiations over the country's debt ceiling go down to the wire.
Fitch put the country's "AAA" rating, its highest rank, on a negative watch in a precursor to a possible downgrade should lawmakers fail to raise the amount that the Treasury can borrow before it runs out of money, the so-called X-date.
President Joe Biden's administration and congressional Republicans are at an impasse over raising the federal US$31.4 trillion debt ceiling, with both sides casting the other's proposals as too extreme. U.S. Treasury Secretary Janet Yellen on Sunday said June 1 remained a "hard deadline" for raising the federal debt limit.
Fitch now predicts that the U.S. government will spend more than it earns, creating a deficit of 6.5 per cent of the country's total economy in 2023 and 6.9 per cent in 2024.
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