{"id":25762,"date":"2023-08-02T14:01:07","date_gmt":"2023-08-02T14:01:07","guid":{"rendered":"https:\/\/staging.sightlinemg.com\/federaltimes\/uncategorized\/2023\/08\/02\/fitch-downgrade-of-us-credit-rating-cites-deterioration-in-governance\/"},"modified":"2026-08-08T05:02:27","modified_gmt":"2026-08-08T05:02:27","slug":"fitch-downgrade-of-us-credit-rating-cites-deterioration-in-governance","status":"publish","type":"post","link":"https:\/\/staging.sightlinemg.com\/federaltimes\/congress\/budget\/2023\/08\/02\/fitch-downgrade-of-us-credit-rating-cites-deterioration-in-governance\/","title":{"rendered":"Fitch downgrade of US credit rating cites deterioration in governance"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Fitch Ratings downgraded the U.S. government\u2019s credit rating, citing rising debt at the federal, state, and local levels and a \u201csteady deterioration in standards of governance\u201d over the past two decades.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The rating was cut Tuesday one notch to AA+ from AAA, the highest possible rating. The new rating is still well into investment grade.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The decision illustrates one way that growing political polarization and repeated Washington standoffs over spending and taxes could end up costing U.S. taxpayers. A lower credit rating, over time, could raise borrowing costs for the U.S. government.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s only the second time in the nation\u2019s history that its credit rating has been cut. In 2011, the ratings agency Standard &amp; Poor\u2019s <a href=\"https:\/\/apnews.com\/article\/debt-limit-credit-rating-downgrade-warning-default-b906c014ed2b8124917f4a107a543964\">stripped the U.S. of its prize AAA rating<\/a> after a prolonged fight over the government\u2019s borrowing limit. The Government Accountability Office, in a 2012 report, estimated that the 2011 budget standoff raised Treasury\u2019s borrowing costs by $1.3 billion that year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At the same time, the huge size of the U.S. economy and historic stability of the federal government has kept its borrowing costs low. Global investors often flock to U.S. Treasury securities during periods of economic turmoil, lowering the interest rate paid by the U.S. government.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fitch had <a href=\"https:\/\/apnews.com\/article\/debt-limit-credit-rating-downgrade-warning-default-b906c014ed2b8124917f4a107a543964\">warned May 24<\/a> that it could remove the government\u2019s 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 <a href=\"https:\/\/apnews.com\/article\/debt-ceiling-deal-food-aid-student-loans-3c284b01d95f8e193bca8d873386400e\">cut about $1.5 trillion<\/a> from the government deficit over the next decade.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fitch cited the worsening political divisions around spending and tax policy as a key reason for its decision. It said U.S. governance has declined relative to other highly rated countries and it noted \u201crepeated debt limit standoffs and last-minute resolutions.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Biden administration officials strongly criticized Fitch\u2019s move. Treasury Secretary Janet Yellen said it was \u201carbitrary\u201d and \u201cbased on outdated data.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yellen noted that the U.S. economy has rapidly recovered from the pandemic recession, with the unemployment rate near a half-century low and the economy expanding at a <a href=\"https:\/\/apnews.com\/article\/economy-gdp-inflation-federal-reserve-jobs-consumers-ce011c5f4330bc29d37939730039d1bb\">solid 2.4% annual rate in the April-June quarter<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fitch informed Biden administration officials that the Jan. 6, 2021 insurrection was a factor in its decision to downgrade because it indicated an unstable government, according to a person familiar with the discussions between the administration and the rating agency. Fitch produced a report last year that showed government stability declined from 2018 to 2021, but increased since Biden assumed the presidency, said the person, who was granted anonymity to disclose private conversations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another factor in Fitch\u2019s decision is that it expects the U.S. economy to tumble into a \u201cmild recession\u201d in the final three months of this year and early next year. Economists at the Federal Reserve made a similar forecast this spring but then <a href=\"https:\/\/apnews.com\/article\/federal-reserve-inflation-interest-rates-economy-jobs-47a78ceb285ac50217ef39e2441112ee\">reversed it in July<\/a> and said growth would slow but a recession would likely be avoided.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The rating was cut Tuesday one notch to AA+ from AAA, the highest possible rating. The new rating is still well into investment grade.<\/p>\n","protected":false},"author":7,"featured_media":74449,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":65,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[65,31,15,68],"tags":[],"coauthors":[2892],"class_list":["post-25762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget","category-home","category-management","category-leadership"],"acf":{"subheadline":"","legacy_arc_id":"GQ7LGWOJLZGIDD6X5QBL5GHXFA","arc_canonical_url":"\/management\/budget\/2023\/08\/02\/fitch-downgrade-of-us-credit-rating-cites-deterioration-in-governance\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented By:"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fitch downgrade of US credit rating cites deterioration in governance - Federal Times<\/title>\n<meta name=\"description\" content=\"The rating was cut Tuesday one notch to AA+ from AAA, the highest possible rating. 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