U.S. markets fall after Fitch credit downgrade
The U.S. Treasury Secretary says the U.S. economy is strong after Fitch downgraded its credit rating. CNN's John Vause speaks with CNN Economics Commentator Catherine Rampell.
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Decades of excessive spending, paid with debt, are hitting America’s credit rating. On Aug. 1, Fitch Ratings downgraded the United States federal government’s rating from AAA, the best, to AA+, one notch below. Fitch blamed “the expected fiscal deterioration over the next three years, a high and growing general government debt burden, the erosion of governance” and two decades of “debt standoff” over raising the debt ceiling.
