The Treasury Department says it has increased its Q3 borrowing estimate to $1.007 trillion, significantly higher than its prior May estimate of $733 billion.
During the nine months through June, the federal deficit hit $1.39 trillion, a 170% increase from the same period the year before.
Ratings agency Fitch says that while the United States continues to maintain a credit rating of “AAA,” the highest designation assigned to countries that have the lowest expectation of default risk, it is currently on negative watch due to the nation’s fiscal and debt trajectories.
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