Fitch Downgrades U.S. Debt

The British rating agency Fitch issued a statement yesterday announcing that U.S. long-term debt was being downgraded from AAA to AA+, with a stable outlook going forward. Fitch said its downgrade “reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance relative to ‘AA’ and ‘AAA’ rated peers over the last two decades, that has manifested in repeated debt limit standoffs and last-minute resolutions.”