On 8/1/2023, Fitch Ratings downgraded the U.S. government's credit rating weeks after President Biden and congressional Republicans came to the brink of a historic default, warning about the growing debt burden and political dysfunction in Washington. The downgrade is evidence that increasingly frequent political skirmishes over the U.S. government's finances are clouding the outlook for the $25 trillion global market for Treasurys. Fitch's rating in the U.S. now stands at "AA+," or one notch below the top "AAA" grade (Please refer to the article"(Please refer to the article" Fitch Downgrades U.S. Credit Rating https://www.wsj.com/articles/fitch-downgrades-u-s-credit-rating-56c73b89?st=rf51o0xaie9nejh&reflink=desktopwebshare_permalinkLinks to an external site. What factors did Fitch Ratings cite in its decision to downgrade the U.S. government's credit rating? How has the Biden Administration reacted to the Fitch Ratings announcement? Do you think the downgrade will affect the global markets? Please discuss