Fitch cited the worsening political divisions around spending and tax policy as a key reason for its decision.
FILE - This photo shows signage for Fitch Ratings, Sunday, Oct. 9, 2011, in New York. On Tuesday, Aug. 1, 2023, Fitch Ratings has downgraded the U.S. credit rating, citing an expected increase in government debt over the next three years and a “steady deterioration in standards of governance” over the past two decades.
It's only the second time in the nation's history that its credit rating has been cut. In 2011, the ratings agency Standard Fitch had warned May 24 that it could remove the government's triple-A rating as Congress again struggled to raise the borrowing limit. A deal was reached nearly a week later that suspended the limit and cut about $1.5 trillion from the government deficit over the next decade.
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