News Summary

• Fitch Ratings one of the world s top credit rating s agencies downgraded the US government s credit rating from a stellar AAA to an AA
• The downgrade came after a last minute bipartisan deal in June that suspended the US debt ceiling until early But the deal was struck after months of deadlock on Capitol Hill that threatened to hurl the country into default
• The US economy is resilient but policymakers need to take the long view on the country s fiscal challenges three former Treasury secretaries told CNN s Fareed Zakaria on Sunday