{"id":1989164,"date":"2023-08-02T19:54:01","date_gmt":"2023-08-02T23:54:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stocks-tank-after-fitch-downgrades-u-s-credit-rating\/"},"modified":"2023-08-02T19:56:24","modified_gmt":"2023-08-02T23:56:24","slug":"stocks-tank-after-fitch-downgrades-u-s-credit-rating","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stocks-tank-after-fitch-downgrades-u-s-credit-rating\/","title":{"rendered":"Stocks plummet after Fitch lowers U.S. credit rating."},"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%2Fstocks-tank-after-fitch-downgrades-u-s-credit-rating%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=1989164&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--><div class=\"entry-content\">\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">Traders \u200bwork on the floor of the New York Stock Exchange (NYSE) on August 02, 2023 in New York City. The Dow fell\u2063 over 300 points in\u200b trading following news Fitch\u2064 downgraded the United States economy to AA+\u200b from AAA late on Tuesday\u2064 spooking investors and markets. (Photo by Spencer Platt\/Getty Images)<\/figcaption><\/figure>\n<h2>OAN\u2019s <a href=\"https:\/\/www.oann.com\/tag\/shawntel-smith-hill\">Shawntel \u2064Smith-Hill<\/a><br \/>4:52 PM \u2013 Wednesday, August 2, \u200d2023<\/h2>\n<p>Fitch reduced \u200dthe United States government\u2019s credit rating from \u200bAAA to AA+ due to fiscal worries, \u2064worsening U.S. governance, and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stocks-tank-after-fitch-downgrades-u-s-credit-rating\/\" title=\"Stocks plummet after Fitch lowers U.S. credit rating.\">political polarization reflected partly<\/a> by the U.S. Capitol breach.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Fitch cited \u201ca steady deterioration in standards\u2062 of governance\u201d as a major reason behind its decision on Tuesday \u200devening.<\/p>\n<p>The credit rating drop comes only two months after the U.S. government struggled to resolve the debt-ceiling \u200bcrisis, which Fitch says threatens \u200bthe government\u2019s ability to pay its bills.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cIn Fitch\u2019s view, there has been a steady deterioration in\u200d standards of governance over the\u200d last\u2064 20 years, \u2063including on fiscal and debt matters,\u201d \u200bthe\u200b rating agency said Tuesday. Fitch said the U.S. appeared to suffer from \u2064an \u201cerosion of governance,\u201d \u200dpointing \u200bto the Washington brinkmanship over the debt ceiling as an example.<\/p>\n<\/blockquote>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cYou have the debt ceiling, you have Jan. 6. Clearly, if you \u200clook at polarization with\u200b both \u200bparties \u2026 the Democrats have \u2062gone further left and Republicans further right, so the\u200b middle is\u200b kind of falling\u2063 apart basically,\u201d Richard Francis, a senior\u200c director at \u200cFitch Ratings, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/republican-announces-california-gubernatorial-run-as-newsom-recall-nears-threshold\/\" title=\"Republican Announces California Gubernatorial Run as Newsom Recall Nears Threshold\">told news outlets<\/a>, adding \u201cwe don\u2019t \u2064fault one party or\u2064 the other for the fiscal\u200b situation.\u201d<\/p>\n<\/blockquote>\n<p>Despite the \u2064drop in \u200bits credit\u2062 rating, \u200cthe U.S.\u2064 still holds an AA+, which is among the highest possible ratings.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cI \u200bstrongly disagree\u200c with Fitch Ratings\u2019 decision,\u201d Treasury Secretary Janet Yellen said\u200b in a statement on Tuesday, calling the\u200d change \u201carbitrary and based on outdated data.\u201d<\/p>\n<\/blockquote>\n<p>Fitch, being among the three major credit \u200crating \u200bagencies, \u2062is not the first to strip the\u200c U.S. of a triple-A\u200d credit rating.<\/p>\n<p>Back in 2011, rating\u2063 agency Standard and Poor\u2019s lowered its rating from AAA to AA+, a \u200bchange made shortly\u200b after Congress managed to resolve a debt ceiling standoff, resulting\u2064 in \u200can interest \u2062rate \u2063spike and a stock \u2063market drop.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cAnd I think, obviously, the debt ceiling debate itself highlights that brinkmanship\u200d and polarization that we\u2019ve\u2063 seen, and \u200cit\u2019s\u200d happening every two years now since 2011, more or \u2063less,\u201d said Francis.<\/p>\n<\/blockquote>\n<p>President\u2064 Joe Biden\u200d signed a bipartisan bill on June 3<sup>rd<\/sup> \u200cto lift the federal debt ceiling in order to avoid a default that economists warned would have had devastating consequences for the U.S. and global economy.<\/p>\n<p>The downgrade has raised \u200bconcerns\u200c for some over \u200dU.S. fiscal\u2064 management and has left other economists wondering if the \u200dU.S. might eventually end up \u200bmissing a payment on its over $31 \u200dtrillion debt.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote data-service=\"twitter\" data-category=\"marketing\" data-placeholder-image=\"https:\/\/c3.oann.com\/wp-content\/plugins\/complianz-gdpr\/assets\/images\/placeholders\/twitter-minimal.jpg\" class=\"cmplz-placeholder-element twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Fitch \u200ddowngraded our AAA rating for the first time since 1994 and the fake news isn\u2019t talking about it because of the third sham Trump indictment.<\/p>\n<p>Fitch \u200bcited rising government deficits, significant\u2063 increases to our general debt, \u2064rising interest\u200c rates, and they even projected a\u2026<\/p>\n<p>\u2014 Lauren Boebert (@laurenboebert) <a href=\"https:\/\/twitter.com\/laurenboebert\/status\/1686768216201179136?ref_src=twsrc%5Etfw\">August 2, 2023<\/a><\/p><\/blockquote>\n<p><script type=\"text\/plain\" data-service=\"twitter\" data-category=\"marketing\" async data-cmplz-src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script> <\/div>\n<\/figure>\n<p>Stay informed! Receive\u200c breaking news blasts\u200d directly \u2063to your inbox for free. Subscribe here. <a href=\"https:\/\/www.oann.com\/alerts\">https:\/\/www.oann.com\/alerts<\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>President\u200d Joe \u200dBiden\u2019s Department of Justice indicts Former President Donald J. Trump for a third time \u200bwith many questioning the timing of it all<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>A longtime democrat\u200d lawmaker from\u200b New York who spent 36 years in the assembly \u200bsaid he\u2019s leaving the part for the Republican party.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>In\u2062 the second part of an exclusive interview, \u200cOversight Committee member Representative Andy Biggs tells One America\u200c News after witnessing Devon Archer\u2019s\u2063 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/amb-sondland-sues-pompeo-state-department-for-1-8m-in-legal-fees\/\" title=\"Amb. Sondland Sues Pompeo, State Department for .8M in Legal Fees\">closed-door testimony<\/a>, he\u200d is convinced \u200cJoe Biden was \u201ctaking \u2064a cut\u201d of hunter\u2019s business deals.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Clearfield, Utah City Councilor Karece Thompson addresses his concerns about Florida Governor Ron DeSantis\u2019 new African \u2064American history curriculum.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) \u2013 Apple\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gop-presidential-candidate-vivek-ramaswamy-sues-doj-over-trump-indictment\/\" title=\"Vivek Ramaswamy, GOP candidate, sues DOJ for Trump indictment.\">high-yield savings account offered<\/a> by its partner\u2063 Goldman\u2063 Sachs has reached over $10 billion in customer \u200bdeposits, the technology\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) \u2013 Apple\u2019s high-yield savings account offered by its partner Goldman Sachs has reached over $10 billion\u2063 in\u2063 customer deposits, the technology\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) \u2013 Cognizant Technology Solutions forecast third-quarter revenue above estimates on Wednesday\u2062 as more businesses turn to the IT services provider \u2064to\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) \u2013 \u2064Cognizant Technology Solutions forecast third-quarter revenue above estimates on Wednesday\u2062 as more\u2064 businesses turn to the IT services provider to\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>On August 2, 2023, traders at NYSE were shaken as the Dow plummeted 300 points due to Fitch&#8217;s downgrade of the US economy from AAA to AA+. This news alarmed investors and markets. (Photo: Spencer Platt\/Getty Images) OAN&#8217;s Shawntel Smith-Hill at 4:52 PM.<\/p>\n","protected":false},"author":2216,"featured_media":1989165,"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":[542],"tags":[],"class_list":["post-1989164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"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\/1989164","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\/2216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1989164"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1989164\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1989165"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1989164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1989164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1989164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}