When Fitch Ratings dropped its bombshell downgrade of the U.S. credit rating on Tuesday, Biden administration officials cried foul over the "bizarre" timing and argued that it unfairly punishes them for political chaos under President Donald Trump. Harvard's Larry Summers and JPMorgan's Jamie Dimon were among those who blasted the decision as "inept" and "ridiculous," respectively, questioning the timing of the downgrade two months after the White House and Congress had worked together to avert a debt ceiling crisis. However, Fitch followed a well-established process as it made its assessments in previous weeks and included U.S. officials at several steps along the way, Reuters' reporting shows.
When Fitch Ratings dropped its bombshell downgrade of the U.S. credit rating on Tuesday, Biden administration officials cried foul over the bizarre timing and argued that it unfairly punishes them.
When Fitch Ratings dropped its bombshell downgrade of the U.S. credit rating on Tuesday, Biden administration officials cried foul over the "bizarre" timing and argued that it unfairly punishes them for political chaos under President Donald Trump. Harvard's Larry Summers and JPMorgan's Jamie Dimon were among those who blasted the decision as "inept" and "ridiculous," respectively, questioning the timing of the downgrade two months after the White House and Congress had worked together to avert a debt ceiling crisis. However, Fitch followed a well-established process as it made its assessments in previous weeks and included U.S. officials at several steps along the way, Reuters' reporting shows.
By David Lawder and Davide Barbuscia WASHINGTON (Reuters) - When Fitch Ratings dropped its bombshell downgrade of the U.S. credit rating on Tuesday, B.