Fitch downgrades US credit rating citing 'steady deterioration' of US governance amid frequent debt ceiling battles
, dealing a potential blow to President Joe Biden's economic stewardship.
"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 agency said in a statement announcing its rating change."The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management.
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