Fitch Downgrades U.S. Credit Rating Citing Mounting Debt And Political Divisions

Fitch Ratings said the United States is experiencing a “steady deterioration in standards of governance."WASHINGTON — Fitch Ratings has downgraded the United States government’s credit rating, citing rising debt at the federal, state, and local levels and a “steady deterioration in standards of governance” over the past two decades.

Reduced credit ratings over time could raise borrowing costs for the U.S. government. The Government Accountability Office, in a 2012 report, estimated that the 2011 budget standoff raised Treasury’s borrowing costs by $1.3 billion that year.

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