Fitch Ratings warned Tuesday that the United States could lost its top credit rating if there is a delay in raising the nation’s debt limit. America’s credit rating was lowered in 2011 when the Republicans and Democrats fought over a debt ceiling deal. The U.S. has to raise its debt ceiling by Mar. 1 or face a default and the establishment has already warned that there would be a tremendous backlash if it occurs.
“The pressure on the U.S. rating, if anything, is increasing,” said David Riley, managing director of Fitch Ratings’ global sovereigns division, in a statement. “We thought the 2011 crisis was a one-off event …. if we have a repeat we will place the U.S. rating under review.”
The U.S. is already $32 billion over the debt limit and it seems even if a debt deal is reached the enormous national debt will not decrease, at least not during the next four years of President Barack Obama’s second term.