U.S. President and top congressional Republican Kevin McCarthy are closing in on a deal that would raise the government's USD 31.4 trillion, avoiding a US default. A default could upend global financial markets and push the United States into a major recession.
Credit rating agency DBRS Morningstar put the US on review for a possible downgrade on Thursday, echoing similar warnings by Fitch, Moody’s, and Scope Ratings. Fitch warned it could downgrade the US’s triple-A rating because of the “brinkmanship” over the debt limit. Another agency, S&P Global, downgraded US debt following a similar debt-ceiling standoff in 2011. (Reuters)