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- The 2014 Big Picture on Cyber Security
- AFCEA Answers
- Ask the CIO
- Building the Hybrid Cloud
- Connected Government: How to Build and Procure Network Services for the Future
- Continuing Diagnostics and Mitigation: Discussion of Progress and Next Steps
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- Modern Mission Critical Series
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- Navigating Tough Choices in Government Cloud Computing
- The New Generation of Database
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- Targeting Advanced Threats: Proven Methods from Detection through Remediation
- Transformative Technology: Desktop Virtualization in Government
- The Truth About IT Opex and Software Defined Networking
- Value of Health IT
- Air Traffic Management Transformation Report
- Cloud First Report
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- Gov Cloud Minute
- Government in Technology Series
- Homeland Security Cybersecurity Market Report
- National Cybersecurity Awareness Month
- Technology Insights
- The Cyber Security Report
- The Next Generation Cyber Security Experts
Shows & Panels
Fitch says 'fiscal cliff' may cost US 'AAA' rating
Wednesday - 12/19/2012, 8:18am EST
NEW YORK (AP) - Fitch warned that the U.S. is more likely to lose its top-notch "AAA" rating if lawmakers cannot agree on how to cut the deficit and avoid the broad government spending cuts and tax increases that go into effect next year if no deal is reached.
But the credit ratings agency said in a report Wednesday that if lawmakers can agree on a deficit-cutting plan, the U.S. would likely keep its "AAA" debt rating. Fitch would then raise its outlook to stable from negative.
"Resolution of the fiscal cliff and an increase in the debt ceiling are pressing issues that the President and Congress must address if the U.S. is to avoid a fiscal and economic crisis," the report said.
In November Fitch Ratings said that President Barack Obama must work toward a credible plan to avoid the fiscal cliff or risk losing its "AAA" rating. Fitch changed its outlook for the U.S. rating to negative last year after Congress and the Obama administration failed to meet a deadline for a plan.
In the first-ever downgrade of U.S. government debt, Standard & Poor's last year cut its rating from "`AAA" to "AA+" after the government failed to come up with a plan to reduce the deficit.
The U.S. has never failed to meet its debt obligations. The battle over raising the debt limit in August 2011 went right to the last minute before a compromise was reached.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)