often the precursor to a downgrade.

“...the Outlook has been revised to Negative to reflect the ongoing deterioration in the U.S. public finances and the absence of a credible fiscal consolidation plan...High fiscal deficits and debt were already on a rising medium-term path even before the onset of the huge economic shock precipitated by the coronavirus...there is a growing risk that U.S. policymakers will not consolidate public finances sufficiently to stabilize public debt after the pandemic shock has passed...the agency has revised down our macroeconomic projections since March and downside risks persist.

“The U.S. had the highest government debt of any AAA-rated sovereign heading into the crisis, and Fitch expects general government debt to exceed 130% of GDP by 2021. Fitch's debt dynamics analysis indicates that debt/GDP could stabilize temporarily from 2023 if fiscal balances return to pre-pandemic levels, but only assuming that interest rates stay very low...

“Fitch expects the general government calendar year deficit to widen to over 20% of GDP in 2020...”