![The rating downgrade is similar to a move made more than a decade ago by S&P Global Ratings. Getty Images](https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/ODQQO7WGTAIQWA2E4RLIVFOBFQ.jpg?smart=true&auth=1f6a6b8ee6d0eb95323e3510207b681eb256fc124430a97df9171f14dafc2dba&width=400&height=225)
The rating downgrade is similar to a move made more than a decade ago by S&P Global Ratings. Getty Images
The rating downgrade is similar to a move made more than a decade ago by S&P Global Ratings. Getty Images
Fitch downgrades US credit rating from AAA to AA+ as country’s fiscal deficits swell
Tax cuts and new spending initiatives, coupled with economic shocks, have swelled budget deficits, Fitch said