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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.

NRA files for bankruptcy, says it will reincorporate in Texas

Wayne LaPierre of the National Rifle Association (NRA) speaks during CPAC in 2016. Photo: Saul Loeb/AFP via Getty Images

The National Rifle Association said Friday it has filed for voluntary bankruptcy as part of a restructuring plan.

Driving the news: The gun rights group said it would reincorporate in Texas, calling New York, where it is currently registered, a "toxic political environment." Last year, New York Attorney General Letitia James filed a lawsuit to dissolve the NRA, alleging the group committed fraud by diverting roughly $64 million in charitable donations over three years to support reckless spending by its executives.

51 mins ago - Politics & Policy

Biden: "We will manage the hell out of" vaccine distribution

Joe Biden. Photo: Chip Somodevilla / Getty Images

President-elect Joe Biden promised to invoke the Defense Production Act to increase vaccine manufacturing, as he outlined a five-point plan to administer 100 million COVID-19 vaccinations in the first months of his presidency.

Why it matters: With the Center for Disease Control and Prevention warning of a more contagious variant of the coronavirus, Biden is trying to establish how he’ll approach the pandemic differently than President Trump.