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News Summary: Fitch says Obama needs deficit deal

The Associated Press

WARNING OBAMA: Fitch Ratings says President Barack Obama must pivot off his re-election victory and quickly forge an agreement with Congress to prevent a series of tax increases and spending cuts that kick in next year.

POSSIBLE DOWNGRADE: Fitch said the president must work toward a credible plan to avoid the so-called fiscal cliff or risk losing the U.S. government's top 'AAA' rating next year.

NEGATIVE OUTLOOK: Fitch changed its outlook for the U.S. rating to negative last year after Congress and the Obama administration failed to produce a deficit-reduction plan.