"OMB Director Addresses Risk of U.S. Credit Downgrade"

Office of Management and Budget director Shalanda Young said that bringing the US to the brink of default was bad for the country and the global economy. Though Congress was able to reach a deal to raise the debt limit ahead of the June 5 "X-date," Fitch Ratings, the international credit rating agency, said that "repeated political standoffs" over the federal government's borrowing limit "lowers confidence in governance on fiscal and debt matters." The end result was not a victory for Democrats or Republicans, but "a reasonable bipartisan agreement you would expect to see in [a] divided government."