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Fitch May Downgrade U.S. Credit Rating If Delay In Raising Debt Ceiling

Fitch May Downgrade U.S. Credit Rating If Delay In Raising Debt Ceiling

Pan Pylas, AP Writer | 10:09a.m. EST | January 15, 2013

LONDON (AP) — The United States could lose its top credit rating for the second time from a leading credit agency if there's a delay in raising the country's debt ceiling, Fitch Ratings warned Tuesday.

Congress has to increase the country's debt limit, which effectively rules how much debt the U.S. can have, by March 1 or face a potential default. There are fears that the debate will deteriorate into the squabbling and political brinkmanship that marked the last effort to raise the ceiling in the summer of 2011. The U.S. Treasury Department warned then that it had nearly reached a point where it would be unable "to meet our commitments securely."

If Fitch does move to downgrade the US, it will join Standard & Poor's, which was so concerned by the dysfunctional 2011 debate that it stripped the U.S. of its triple A rating for the first time in the country's history. Another major ratings agency, Moody's, also has a negative view on the U.S. outlook.

Read more: http://www.usatoday.com/story/money/business/2013/01/15/fitc...

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In other news,

Standard and Poors and or Moody's may downgrade our credit rating if we continue to raise the debt ceiling... It has happened before.

And hey, why do they call it a "debt ceiling?" It should be called a "debt riser" because ceilings are stationary

“When a well-packaged web of lies has been sold gradually to the masses over generations, the truth will seem utterly preposterous and its speaker a raving lunatic.” – Dresden James