The explosive news dropped as US President Joe Biden and the First Lady were in full holiday mode: a dinner and a movie (which happened to be "Oppenheimer" the biopic about the father of the atomic bomb). The first disclosure was widely expected — Donald Trump was indicted for trying to overturn the 2020 presidential election he lost to Biden. The other — coming less than an hour later — caught Washington and the markets by surprise. Fitch, one of the three global credit rating agencies, stripped the world's largest economy of its top-tier AAA rating, citing an "erosion of governance." That decision drew immediate criticism, with Treasury Secretary Janet Yellen calling it "arbitrary" and "outdated" and Harvard University professor Larry Summers, a high-profile critic of the administration's economic policy, describing it as "bizarre and inept." Key Reading: Trump Indicted on Federal Charges in 2020 Election Probe Here Are the 78 Charges Trump Now Faces, and All the Prison Time What Trump's Indictments Mean for His 2024 Presidential Run US Credit Downgrade by Fitch Attacked as Baseless by Biden Officials Trump's Influence Visible in 2024 GOP Field's Economic Ideas The charges against Trump included three criminal conspiracies to change the election outcome, defraud the US and obstruct the peaceful transition of power. It was the latest in a long list of cases that include charges he mishandled classified documents and falsified business records, and a jury ruling that found him liable for sexually abusing a woman decades ago. This latest prosecution will fuel the claim by Trump and his supporters that he's being targeted for political reasons, a line of attack that resonates with many GOP voters and has boosted his campaign fundraising. Yet while he continues to dominate the field for the 2024 Republican presidential nomination, the cases confront the former president with a real risk of prison time. Still, the timing of the Fitch downgrade is an undeniable gift to Republicans that they will try to use to divert attention from Trump's ever-growing list of legal troubles. More than two years after a violent mob of Trump supporters stormed the US Capitol to disrupt the certification of the election results, American democracy is still facing an extraordinary challenge. — Flavia Krause-Jackson |
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