A volunteer at a coronavirus testing site in Los Angeles on July 30. Photo: Frederic J. Brown/AFP via Getty Images

Fitch Ratings maintained the United States' AAA credit rating but revised the country's outlook to "negative" from "stable" to "reflect the ongoing deterioration in the U.S. public finances and the absence of a credible fiscal consolidation plan," the credit agency announced on Friday.

Why it matters, via Axios' Dan Primack: Fitch is not only worried about the current U.S. economic deterioration, but also its belief that we don't have a plan to deal with our ballooning debt once the coronavirus crisis has waned. High fiscal deficits and debt that was increasing before the pandemic have begun to wear down the traditional credit strengths of the U.S., the agency noted.

Go deeper

Felix Salmon, author of Capital
Oct 1, 2020 - Economy & Business

How equity became more attractive than debt

Illustration: Annelise Capossela/Axios

The prime example of something highly improbable that became conventional wisdom: The idea that both interest rates and inflation will remain near zero for well over a decade.

Why it matters: As Axios' Dan Primack writes, private equity firms (the polite rebranding of "leveraged buyouts") have historically bought companies and loaded them up with debt.

Updated 10 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Biden ahead in Wisconsin, Michigan as cases surge in the Midwest.
  2. Health: Surge "is real" and not just caused by more tests, Trump's testing czar saysMask mandates help control rise in hospitalizations Some coronavirus survivors have "autoantibodies."
  3. Business: Surge is sinking consumer confidence Testing is a windfall.
  4. Media: Pandemic causes TV providers to lose the most subscribers ever.
  5. World: Germany to close bars and restaurants for a month Putin mandates face masks.

Parties trade election influence accusations at Big Tech hearing

Photo: Michael Reynolds/Pool/AFP via Getty Images

A Senate hearing Wednesday with Big Tech CEOs became the backdrop for Democrats and Republicans to swap accusations of inappropriate electioneering.

Why it matters: Once staid tech policy debates are quickly becoming a major focal point of American culture and political wars, as both parties fret about the impact of massive social networks being the new public square.