August 1, 2023

Fitch Ratings on Tuesday downgraded the U.S. government’s credit rating, after a partisan clash over its borrowing authority threatened default earlier this year.

Fitch lowered the U.S. debt rating to AA+ from AAA. The firm cited repeated debt-limit political standoffs, an inadequate fiscal framework and a complex budgeting process.

The announcement, which Fitch had warned might come for months, triggered an immediate rebuke from Biden administration officials including Treasury Secretary Janet Yellen.

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https://www.politico.com/news/2023/08/01/fitch-downgrades-u-s-debt-00109288