On Wednesday, ratings agency Fitch announced that it has placed the United States' "AAA" rating on negative credit watch due to increasing political disputes around the country's debt limit. President Joe Biden's administration and congressional Republicans are at an impasse over raising the federal debt ceiling. Fitch warned that the country's rating could be lowered if the U.S. does not raise or suspend its debt limit by the given date, but added that the chances of the U.S. not repaying its debts on time are very low. Fitch predicts that the U.S. government will spend more than it earns, creating a deficit of 6.5% of the country's total economy in 2023 and 6.9% in 2024.