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U.S. to Congress: Fitch move shows must up debt limit
June 8, 2011 / 3:26 PM / 7 years ago

U.S. to Congress: Fitch move shows must up debt limit

WASHINGTON, June 8 (Reuters) - The U.S. Treasury said credit agency Fitch Ratings’ warning about U.S. debt on Wednesday was “another stark reminder” of the need for Congress to act quickly to raise the debt limit on how much the country can borrow.

Fitch Ratings warned the country would not be able to maintain its top notch credit rating if it suffered a technical default on its debt.

“Today’s report is another stark reminder of the need to act decisively and expeditiously to remove uncertainty in the market by raising the debt limit so the U.S. can meet its obligations,” said Mary Miller, Treasury’s assistant secretary for financial markets, in a statement.

Fitch is the third major rating agency to sound alarm bells over the debt ceiling and the $1.4 trillion deficit. Last week Moody’s Investors said that the slow moving deficit talks had increased the odds of a short-lived U.S. default.

Reporting by Rachelle Younglai

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