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Fitch cut the United States' rating by one notch, moving it from the previous top-rated AAA to AA+, just two months after the government avoided a devastating default. Win McNamee/Getty Images hide caption
The U.S. budget deficit ballooned in the first nine months of its fiscal year, both because of a sharp increase in government spending and a significant drop in tax revenues. Andy Jacobsohn/AFP via Getty Images hide caption
The federal deficit nearly tripled, raising concern about the country's finances
Treasury Secretary Janet Yellen listens during an open session of the Financial Stability Oversight Council meeting at the Department of the Treasury in Washington, D.C., on April 21, 2023. Yellen said on Friday Congress would need to raise the debt ceiling by June 5 or the country could run out of cash to pay its bills. Alex Wong/Getty Images hide caption
House Speaker Kevin McCarthy speaks to members of the media at the U.S. Capitol in Washington, D.C., on May 24, 2023. The U.S. government will soon run out of cash to pay its bills unless it can raise or suspend its debt ceiling. Kevin Dietsch/Getty Images hide caption
Treasury Secretary Janet Yellen, seen here on April 13, warned on Monday that the federal government could default on its debt as early as June 1 unless Congress raises or suspends the debt ceiling. Stefani Reynolds/AFP via Getty Images hide caption
The U.S. could run out of cash to pay its bills by June 1, Yellen warns Congress
Sheets of one-dollar bills run through the printing press at the Bureau of Engraving and Printing in 2015 in Washington, D.C. Congressional forecasters projected the federal deficit this fiscal year will hit its highest since World War II. Mark Wilson/Getty Images hide caption
Sheets of $1 bills run through the printing press in 2015 at the U.S. Bureau of Engraving and Printing in Washington, D.C. National debt is expected to reach an all-time high of 107% of gross domestic product in 2023. Mark Wilson/Getty Images hide caption
U.S. To Owe More Than The Size Of Its Economy For The 1st Time In 75 Years
Treasury Secretary Steven Mnuchin speaks about the coronavirus at the White House on March 25. The Treasury said Monday it expects to borrow nearly $3 trillion in the April-June quarter. Alex Brandon/AP hide caption
The economic rescue package just passed by Congress will push this year's budget deficit above $3 trillion. Olivier Douliery/AFP via Getty Images hide caption
The U.S. Was Already Deep In Debt. This Year's Deficit Will Be 'Mind-Boggling'
When the federal government spends more than it collects in taxes, which it does most years, it has to borrow money to make up the difference. That gap is the federal deficit, which is expected to top $1 trillion in 2019. Alyson Hurt/NPR hide caption
Stanley Fischer, who is resigning as Federal Reserve vice chair, says releasing transcripts of Fed meetings immediately could inhibit frank discussions among policymakers. Jennifer Kerrigan/NPR hide caption
Fed's Departing Vice Chair On Stocks, The Federal Debt And Transparency
Treasury Secretary Jacob Lew on Monday. Saul Loeb/AFP/Getty Images hide caption
'Time Is Short' On Debt Ceiling, Treasury Secretary Says
The House of Representatives (Jan. 3 file photo). Kevin Lamarque/Reuters /Landov hide caption
At the White House Monday, President Obama expressed his disappointment in the supercommittee's failure. Evan Vucci/AP hide caption
NPR's Tamara Keith on 'Morning Edition'
Senators Warner and Chambliss
They're still talking. President Obama and leaders from Congress will continue deficit-reduction negotiations. July 14, 2011 file photo taken at the White House. From left to right: House Speaker John Boehner (R--OH); Obama; Senate Majority Leader Harry Reid (D-NV); Senate Minority Leader Mitch McConnell (R-KY); Senate Majority Whip Richard Durbin, (D-IL). Mandel Ngan/AFP/Getty Images hide caption
President Obama talks about the ongoing budget negotiations on Monday in the briefing room of the White House in Washington. Charles Dharapak/AP hide caption
President Obama speaks during a news conference in the Brady Press Briefing Room at the White House. Saul Loeb/AFP/Getty Images hide caption
House Speaker John Boehner (R-OH) and President Obama at the White House on Sunday. Mandel Ngan/AFP/Getty Images hide caption