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Fitch downgrades America's credit rating, citing dysfunction in DC.

Plus, we'll look inside the latest criminal indictment over Donald Trump's efforts to reverse the 2020 election.

This one is particularly significant because the facts that are being alleged in the indictment seem to cut at the core of our democracy.

And is Tupperware the next meme stock.

It's Wednesday, August 2nd. I'm Luke Vargas for the Wall Street Journal.

And here is the AM edition of What's News, the top headlines and business stories moving your world today.

Stock markets are lower this morning after Fitch ratings downgraded the U.S. government's credit rating to double A+.

One notch below its top triple A grade.

That move comes just weeks after President Biden and congressional Republicans came to the brink of a historic default.

With Fitch citing the growing debt burden and political dysfunction in Washington as factors in its decision.

And here to unpack the significance of this downgrad is Wall Street Journal finance editor Matthew Thomas.

Matthew, this is the first time in more than a decade the U.S. has had its credit rating downgraded.

What did Fitch say led them to this?

So they listed a few factors but the key point they made was the erosion of governance in the U.S.

And as you said Luke, this really all refers back to the debt ceiling negotiations.

Fitch clearly does not feel that there is an issue with the U.S. government's ability to pay back its debt.

But there are questions over the willingness of politicians to do so.

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