Fitch Ratings has put the U.S. on notice for a potential credit downgrade as President Joe Biden and Republican lawmakers struggle to reach a deal to raise the debt limit.

“We believe risks have risen that the debt limit will not be raised or suspended before the X-date and consequently that the government could begin to miss payments on some of its obligations,” the ratings service said in a statement Wednesday.

The X-date is the day the U.S. government will be unable to pay all of its bills.

Fitch warns of possible credit downgrade with debt limit deadlock

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