Stop me if you’ve heard this one before: In the wake of a grueling battle over lifting the debt ceiling in 2011, the credit rating agency Standard & Poor’s downgraded the nation’s credit rating for the first time, reducing the prized AAA rating for the world’s largest economy to one notch below, at AA+. The agency cited “political brinkmanship” as its primary motivator for the downgrade, demonstrating that “the effectiveness, stability, and predictability of American policymaking and political institutions have weakened.”This week, amid tense negotiations between President Joe Biden and House Republicans over raising the debt limit, Fitch Ratings placed its AAA credit rating for the U.S. on
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