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Wednesday, October 16, 2013 - 9:45am
As lawmakers continue their struggle to reach a deal on a debt limit increase before the deadline, rating agency Fitch put the U.S. on notice.
Fitch says the U.S. still has a triple-a rating which is the highest possible rating, but the company says the country is now on "rating watch negative" because of the looming debt ceiling deadline set for tomorrow, Thursday, October 17, 2013.
That means there's an increased possibility of a downgrade in the near future. The agency says "Although fitch continues to believe the debt ceiling will be raised soon, the political brinksmanship and reduced financing flexibility could increase the risk of a U.S. Default." A Treasury Department spokesperson says the announcement shows just how urgent it is that Congress reaches a deal.