{"id":1988351,"date":"2023-08-01T22:38:02","date_gmt":"2023-08-02T02:38:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fitch-downgrades-us-credit-rating-biden-officials-strongly-disagree\/"},"modified":"2023-08-01T22:40:24","modified_gmt":"2023-08-02T02:40:24","slug":"fitch-downgrades-us-credit-rating-biden-officials-strongly-disagree","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fitch-downgrades-us-credit-rating-biden-officials-strongly-disagree\/","title":{"rendered":"Fitch lowers US credit rating; Biden officials disagree."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffitch-downgrades-us-credit-rating-biden-officials-strongly-disagree%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1988351&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>US Credit Rating\u200c Lowered by \u2064Fitch Ratings<\/h2>\n<p>In a significant development, one \u2062of \u200dthe \u201cBig Three\u201d credit agencies,\u200d Fitch Ratings, has downgraded the United States&#8217;s credit rating. This decision has sparked immediate condemnation\u200c from officials in the Biden administration, who strongly disagree with the\u2063 change.<\/p>\n<p>Fitch\u2063 Ratings has lowered\u2064 the country&#8217;s Long-Term Foreign-Currency Issuer Default Rating from \u200cthe top-rated\u200d \u201cAAA\u201d \u200dto \u201cAA+.\u201d This\u200b downgrade could potentially result in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/janet-yellen-as-congress-for-billions-to-help-other-countries-debt-relief-climate-change-initiatives\/\" title=\"Janet Yellen As Congress For Billions To Help Other Countries\u2019 \u2018Debt Relief,\u2019 \u2018Climate Change\u2019 Initiatives\">higher interest rates<\/a> and borrowing costs for the United States.\u2062 It comes after\u200b the federal government narrowly\u200d avoided a default on\u200d its debt \u2062earlier this summer and with the possibility of a government \u200bshutdown looming \u200dif Congress fails to reach a\u200b spending agreement for\u2064 the next fiscal year.<\/p>\n<blockquote>\n<p>\u201cThe rating downgrade of\u200b the United States reflects the \u200bexpected fiscal\u2064 deterioration over the next three years,\u2064 a high and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fitch-downgrades-us-credit-rating-biden-officials-strongly-disagree\/\" title=\"Fitch lowers US credit rating; Biden officials disagree.\">growing general government debt burden<\/a>, and the erosion of governance relative to \u2018AA\u2019 and \u2018AAA\u2019 rated peers over the\u200d last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions,\u201d Fitch said in a \u200drelease.<\/p>\n<\/blockquote>\n<p>Fitch has\u200c indicated that\u2063 this downgrade has been\u2063 a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/illinois-criminal-justice-system-reform-law-criticized-by-police\/\" title=\"Illinois Criminal Justice System Reform Law Criticized By Police\">long time coming<\/a>, citing a steady deterioration in \u200bgovernance standards over the past 20 years. Despite a bipartisan agreement to suspend the debt limit until January 2025, Fitch \u200bbelieves \u2062that \u200bthere have been\u200c ongoing issues with fiscal and debt matters.<\/p>\n<p>In addition to these factors, Fitch also mentioned projections that suggest a mild recession for the U.S. economy due to tighter credit conditions, weakening business investment, and a slowdown in consumption.<\/p>\n<p>Treasury Secretary \u2063Janet Yellen and the White House have both <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nrsc-demands-embattled-democrats-condemn-biden-for-criticizing-affirmative-action-ruling\/\" title=\"NRSC calls on troubled Democrats to denounce Biden's criticism of affirmative action ruling.\">expressed strong disagreement<\/a> with Fitch&#8217;s decision. Yellen called it arbitrary and\u2063 based\u2063 on outdated data, while White House Press \u2064Secretary Karine Jean-Pierre criticized \u2062Republican officials for their extremism and its impact on the economy.<\/p>\n<p>This downgrade is the first of its kind in over a decade. The last time the U.S. faced \u200bsuch a downgrade was in 2011 when S&#038;P\u2063 lowered the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/top-five-who-are-sen-rick-scotts-possible-democratic-challengers\/\" title=\"Who might challenge Sen. Rick Scott from the Democratic party? Here are the top five contenders.\">long-term rating<\/a> from \u2062\u201cAAA\u201d to \u201cAA+.\u201d This decision was made due to political brinkmanship and the increasing debt burden.<\/p>\n<p>Following Fitch&#8217;s announcement, Republicans have argued that the downgrade is a consequence of excessive spending and borrowing. They\u200b view it as a warning sign that urgent action is \u200cneeded to address the country&#8217;s fiscal situation.<\/p>\n<p>It is \u2063clear that \u2063this downgrade has significant\u2064 implications for the United States and its economy. The Biden administration and Congress will need to navigate these challenges and work towards \u2063a\u2062 sustainable financial future for the country.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fitch Ratings, a major credit agency, downgraded the US rating by a notch, causing the Biden administration to strongly disagree. The country&#8217;s Long-Term Foreign-Currency Issuer Default Rating was lowered from &#8220;AAA&#8221; to &#8220;AA+,&#8221; potentially resulting in increased costs.<\/p>\n","protected":false},"author":1588,"featured_media":1988352,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1988351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1988351","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1588"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1988351"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1988351\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1988352"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1988351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1988351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1988351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}