The US government’s debt has been downgraded. Here’s what to know

WASHINGTON (AP) — Late Tuesday, Fitch Ratings became the second of the three major credit-rating firms to remove its coveted triple-A assessment of the United States government’s credit worthiness, a move that spurred debate in Washington about spending and tax policies.

Fitch cited the federal government’s rising debt burden and the political difficulties that the US government has had in addressing spending and tax policies as the principal reasons for reducing its rating from AAA to AA+.

Fitch said its decision “reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance” compared with other countries with similar debt ratings. READ MORE