Posted By LambChop
Fitch Ratings warned Tuesday that The United States could lose its top credit rating with a delay in raising the country's debt ceiling. Standard & Poor’s downgraded the U.S. credit from its lifetime historical triple A rating in 2011. Moody’s also downgraded the U.S. credit.
The Obama administration and Congress must increase the country's debt limit, which effectively rules how much debt the U.S. can have, by March 1 or face a potential default. The U.S. hit statutory debt limit of nearly $16.4 trillion December of 2012, but officials engineered a deal to extend until February.
Fitch already gave the U.S. a negative outlook because the nation’s debt burden has risen to over 100% of its gross domestic product.