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Cake day: June 13th, 2023

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  • In a statement, Fitch cited three reasons for downgrading the US rating: concerns the US economy is going to deteriorate over the next three years; a high national debt; and repeated political standoffs over managing the country’s finances (specifically, brinksmanship over the country’s self-imposed debt limit, the cap on how much to US can borrow to pay its bills).

    Emphasis mine. This honestly makes a lot of sense. This is not something a rational, credible actor does.

    People were freaking out about a possible default.