The U.S. loses its top AAA rating from Fitch over worries about the nation's finances

Fitch cut the United States' rating by one notch, moving it from the previous top-rated AAA to AA+, just two months after the government avoided a devastating default. (Win McNamee/Getty Images)

Fitch Ratings cut the United States' credit rating by one notch, from the top-rated AAA to AA+, saying rising deficits and political brinkmanship are imperiling the government's ability to pay its debts.

The downgrade comes two months after the Biden administration and House Republicans agreed to suspend the government's debt ceiling in a last minute deal, narrowly avoiding a potentially disastrous federal default.