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U.S. on Credit Rating Downgrade Watch

Fitch Credit Rating Agency has given the U.S. notice of a possible downgrade to its credit rating. This move came Tuesday as the country inched closer to the Thursday deadline to raise the debt ceiling.
Fitch Credit Rating Agency has given the U.S. notice of a possible downgrade to its credit rating.
   
This move came Tuesday as the country inched closer to the Thursday deadline to raise the debt ceiling.

Currently the U.S. has a AAA credit rating with Fitch. 

That's as good as it can get.

But the rating agency is saying that could change depending on how Congress handles raising the debt ceiling and passing a budget.

The agency said it would keep an eye on how a deal to raise the debt ceiling is reached.

It will also asses whether or not the deal is a long-term solution.

The agency believes these extended negations to raise the debt ceiling could undermine confidence in the role of the U.S. dollar.

They also say it  increase the chances of a U.S. default.

A downgraded credit rating for the U.S. would have a major repercussions for the country.   

The trouble would be felt by people here in the valley as well.       

"The downgrade of the credit ratings of our bonds would increase the interest rates. So not only would the us government pay higher interest rates. People like you and I would pay higher mortgage rates, higher auto loan rates, it would go all the way down to us," Dan Callahan with First Financial Bank said. 

We could also see higher oil and import prices... As a result of a downgraded u-s credit rating.

This is a situation the U.S. has been in before.

In 2011 Standard & Poor's lowered the U.S.'s credit rating from AAA to AA+.

That downgrade was following another debt ceiling debate.
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