U.S. President Joe Biden signed the debt ceiling bill into law, averting a catastrophic default
The U.S. is not out of the fiscal doghouse with Fitch, as the ratings firm said government debt is still on a watch for a possible downgrade despite the debt ceiling deal.
"Reaching an agreement despite heated political partisanship while reducing fiscal deficits modestly over the next two years are positive considerations," Fitch said in a release. "However, Fitch believes that repeated political standoffs around the debt-limit and last-minute suspensions before the x-date lowers confidence in governance on fiscal and debt matters."
The firm cited a "steady deterioration in governance over the last 15 years" as reasons for its pessimistic outlook and said it will "resolve" the credit watch status in the third quarter of 2023.
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