Fitch has now put our credit rating on watch for a possible downgrade.
S&P downgraded the US sovereign credit rating in 2011 after debt limit brinkmanship. It was the first time one of the big three sovereign credit rating agencies downgraded the US from AAA. This can raise the borrowing costs for the US government. The Republicans are actively worsening the stuff they are concern trolling about.
What's obnoxious about all this of course is there are no actual fiscal conservatives in Congress. See what happened during Trump's tenure. At least Dems don't pretend to be fiscal conservatives. But it is especially obnoxious to have Republicans pretend every cycle they are out of power they suddenly care, while simultaneously saying defense spending is off limits and tax increases/loophole plugging and IRS enforcement are off limits, and passing deficit enlarging tax cuts.