CNBC: Fitch downgrades U.S. long-term rating to AA+ from AAA
* Fitch Ratings cut the United States’ long-term foreign currency issuer default rating to AA+ from AAA.
* The agency had placed the country’s rating on negative watch in May, citing the debt ceiling fight in Washington.
* “The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management,” Fitch said.
* U.S. stock futures opened lower Tuesday evening after the downgrade.
Fitch Ratings downgraded the United States’ long-term foreign currency issuer default rating to AA+ from AAA on Tuesday, pointing to “expected fiscal deterioration over the next three years,” an erosion of governance and a growing general debt burden.
“The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management,” said Fitch.
Read more ....
WNU Editor: When you keep on raising your debt ceilings and your interest payments are now reaching one trillion billion dollars a year, everyone's credit (including the credit of the US government) is going to decline.
The Fitch report is here .... Fitch Downgrades the United States' Long-Term Ratings to 'AA+' from 'AAA'; Outlook Stable
Update: US officials are outraged .... "Arbitrary... Outdated!" - Yellen Outraged After Fitch Cuts USA's AAA-Rating (Zero Hedge). More here .... Surprise US credit rating downgrade draws White House ire (Reuters).
U.S. Loses Top Credit Rating. Downgraded To AA+ From AAA
Fitch downgrades US credit rating, citing mounting debt and political divisions -- AP
Fitch cuts U.S. credit rating to AA+ as budget deficits swell -- Bloomberg
Fitch downgrades US credit rating from AAA to AA+ as country’s fiscal deficits swell -- The National
17 comments:
One trillion billion dollars bwah hahaha
you should also note that the rating got lowered because of the attempted insurrection!
NEW YORK, Aug 2 (Reuters) - Fitch downgraded the U.S. credit rating due to fiscal concerns, a deterioration in U.S governance, as well as political polarization reflected partly by the Jan. 6 insurrection, Richard Francis, a senior director at Fitch Ratings, told Reuters on Wednesday.
In a move that took investors by surprise, Fitch downgraded the United States to AA+ from AAA on Tuesday, citing fiscal deterioration over the next three years and repeated down-to-the-wire debt ceiling negotiations that threaten the government’s ability to pay its bills.
The agency based its decision in part on a perceived deterioration in U.S. governance, which it said gave less confidence in the government’s ability to address fiscal and debt issues, Francis said.
That deterioration, as well as increased polarization in the country’s political climate, was visible in the Jan. 6 insurrection, which the agency highlighted in meetings with the Treasury ahead of the downgrade.
This is a huge symbolic defeat of the US
Guys, please take this seriously: You might have a traitor - likely multiple traitors - trying to bring down the united states
If you look at the pattern of attack - culturally, historically, inverting of languages, mao-style shaming exercises, taking over of institutions (see universities especially) by political activists, antifa in the streets and financed by the millions and supported by left District Attorneys who let out the criminals and imprison peaceful protestors.
If you do not see where this leads AND QUICKLY, you might face a very very dystopian future that will be like hell.
Or, make the arrests, trial them and hang the traitors.
It's either or at this point. Or do you think election 2024 will be fair? Of course not, they will not allow a fair election, they are trying to imprison their major political opponent (Trump) now - and think of all the lies and conspiracies they committed prior to arrest and discredit him (Russia gate -- it was actually Biden with the money trails everywhere, you were lied to)
The rules based international order kek
As you typically are, your promises are worthless.
I explained moron.
1256
Great, you are either a liar or a moron.
They said because of governance.
They did not say " because of the insurrection"
Governance means a broad spectrum of political, legislative and judicial concerns.
You propaganda ding bat
“Bidenomics is working!!”
That's odd it says "Jan 6 insurrection".
That is the quote of the Reuters news service interpretation.
The term used was governance, look at theoriginal document.
see the difference between lying Reuters and fitch?
"The rating downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance" Fitch said in a statement on Tuesday.
" Insurrection" is a direct quote of Richard Francis.
Fitch is an agency not a human.
Francis must be talking to please his audience with political posturing crap and this reflects only his personal view. Just like any other personal view, take it for what is worth....nothing
Here is the statement from Fitch's web page.
Erosion of Governance: 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, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025. The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management. In addition, the government lacks a medium-term fiscal framework, unlike most peers, and has a complex budgeting process. These factors, along with several economic shocks as well as tax cuts and new spending initiatives, have contributed to successive debt increases over the last decade. Additionally, there has been only limited progress in tackling medium-term challenges related to rising social security and Medicare costs due to an aging population.
https://www.fitchratings.com/research/sovereigns/fitch-downgrades-united-states-long-term-ratings-to-aa-from-aaa-outlook-stable-01-08-2023
This is why first report is always suspect. All sources must be checked and re-checked. But in the end...TIME is the great truth teller.
Agreed
If that's was happening under Trump there is no way to blame....Obama.
It started happening way before Obama. But he is guilty too.
This is a long term trend
The responsibility belongs to the Blob and it's long list of fellow travelers
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