White House Criticizes Fitch for Downgrade: Debt-to-GDP 'Stabilized' 'at a Higher Level'

On Wednesday's broadcast of CNBC's "Squawk on the Street," White House Council of Economic Advisers Chair Jared Bernstein reacted to the downgrading of the U.S. credit rating by Fitch and its concerns about government deficits and debt by stating that the debt-to-GDP ratio "has stabilized, admittedly at a higher level" under President Joe Biden.