News Summary: Fitch cautions US on 'AAA' rating

Fitch says US may lose 'AAA' rating if nation goes over the 'fiscal cliff'

Associated Press

NEW YORK (AP) -- FISCAL CLIFF: Fitch Ratings is cautioning the U.S. that it could lose its top-notch "AAA" rating if lawmakers can't 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.

A WAY OUT: But the credit ratings agency also said in a report 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.

RATERS RATINGS: Fitch changed the outlook to negative last year after Congress and the Obama administration failed to meet a deadline for a plan.

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