emptystep
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- Jul 17, 2012
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LONDON (AP) The United States could lose its top credit rating from a second rating agency if there's a delay in raising the country's debt ceiling, Fitch Ratings warned Tuesday.
Congress has to increase the country's debt limit by March 1 or face a potential default. There are fears the debate will descend into the sort of squabbling and political brinkmanship that marked the last effort to raise the ceiling in the summer of 2011. The U.S. Treasury Department warned then that it had nearly reached a point where it would be unable "to meet our commitments securely."
Standard & Poor's was so concerned by the dysfunctional nature of the 2011 debate that it stripped the U.S. of its triple A credit rating for the first time in the country's history.
Article goes on to elaborate on the mess this congress has gotten our finances in.