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The Blog

Credit Agency Places U.S. on ‘Ratings Watch’

Credit Agency Places U.S. on ‘Ratings Watch’

Just days before the government could default on some of its obligations, the credit rating agency Fitch has put the United States on a “negative ratings watch.” Fitch reaffirmed the country’s sterling AAA credit rating, but warned that Congressional intransigence has put the full faith and credit of the government at risk.

The news came as the Treasury Department said it has only about $35 billion of cash on hand. It expects to run out of “extraordinary measures,” which have allowed it to continue paying all of the government’s bills, on Thursday, at which point outgoing payments might subsume that cash, plus any revenues, on any day going forward.

Read the rest at The New York Times.