Fitch says 'fiscal cliff' may cost US 'AAA' rating

(AP) Fitch Ratings is warning that the U.S. is more likely to lose its top-notch AAA rating if lawmakers cannot agree on how to cut the deficit, sending the country over the fiscal cliff of broad government spending cuts and tax increases next year.

But the credit ratings agency said in a report Wednesday that if lawmakers can agree on a deficit-cutting plan, the U.S. would be more likely keep its AAA debt rating. Fitch would raise its outlook to stable from negative

In November Fitch said that President Barack Obama must work toward a credible plan to avoid the fiscal cliff or risk losing its AAA rating.

In the first-ever downgrade of U.S. government debt, Standard & Poor's last year cut its rating from 'AAA to AA+.