US Credit Downgrade by Fitch Attacked as Baseless by Biden Officials
- Administration rips decision to downgrade from AAA as baseless
- Officials predict minimal impact on US borrowing costs
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Biden administration officials objected strenuously to a decision by Fitch Ratings to strip the US of its top-tier credit rating on Tuesday and sought to control the political and economic fallout.
The decision by Fitch came two months after a bitter standoff on raising the US debt limit that underscored the difficulty Washington has in overcoming partisan warfare to perform the basic functions of government.