Rating agencies Moody’s and Fitch expect the U.S. Congress will likely reach an agreement on a new debt limit before the Treasury drains resources to stave off a debt default, but warned that an extended political gridlock could ultimately impact the United States’ top credit rating. The U.S. government hit its $31.4 trillion borrowing limit on Thursday, amid a standoff between the Republican-controlled House of Representatives and President Joe Biden’s Democrats.
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