President Joe Biden has made attacking what he calls the “ultra-MAGA” economic platform a core pillar of his 2024 reelection pitch, and Fitch Ratings’s recent downgrade directly pours gasoline on that fire.
Fitch specifically cited partisan “gridlock” and clear separation between Republican and Democrat spending priorities as the reason behind the downgrade, which dropped the United States from a “AAA” to “AA+” rating.
The president is currently vacationing in Rehoboth Beach, Delaware, but senior administration officials and the president’s private sector allies have used the downgrade as an opportunity to blame the downgrade on Republicans.