Fitch Ratings has downgraded the United States' long-term foreign currency issuer default Rating from AAA to AA+ due to expected fiscal deterioration, erosion of governance, and a growing debt burden. The agency cited political standoffs over the debt limit as a reason for the downgrade, as well as a steady deterioration in governance over the past two decades. Fitch also highlighted the rising government deficit and warned of a potential recession in late 2023 and early 2024. The White House disagreed with the downgrade, citing President Biden's strong economic recovery. This is not the first time the US has been downgraded by a rating agency.

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