Fitch downgrades rating of US economy, raises concerns over rising debt and declining governance

Rating agency Fitch has downgraded the US's long-term foreign currency issuer default rating (IDR) to 'AA+' from 'AAA' earlier.
In a press release issued by the credit rating agency, it was said that the credit rating of the United States has been downgraded. It has been told by Fitch that the downgrade has been done due to the decline in the fiscal deficit in the next three years and the increasing debt of the government.
The rating agency said that during the last 20 years, there has been a decline in the standard of governance in America, the effect of which is visible in fiscal and debt decisions.
This downgrade done by Fitch has been described as bad by the US government. This decision has overlooked the resilience of the US economy. Also said that increasing the federal debt limit is a bipartisan agreement.
On behalf of the US officials, it was said that the decision to downgrade the US economy by Fitch has been taken on the basis of outdated data.
In June, the debt limit was increased by the US government to $ 31.4 trillion. But before this, there was a long tussle between the two parties of America. Because of this, a time had come when the world started worrying that America might default. This is the biggest reason behind America's rating fall.