Fitch has warned that the US was more likely to lose its top-notch "AAA" debt rating if lawmakers cannot agree on how to cut the deficit.
The credit rating agency wants the US to avoid the deep government spending cuts and tax increases that would automatically go into effect next year.
But it said if a deficit-cutting plan is reached, the US would likely keep its "AAA" rating.
Fitch would then raise its outlook to stable from negative.
"Resolution of the fiscal cliff and an increase in the debt ceiling are pressing issues that the President and Congress must address if the US is to avoid a fiscal and economic crisis," the report said.
In November, Fitch Ratings said Obama must work toward a credible plan to avoid the fiscal cliff or risk the US losing its "AAA" rating.
Fitch changed its outlook for the US rating to negative last year after Congress and the Obama administration failed to meet a deadline for a plan.
In the first-ever downgrade of US government debt, Standard & Poor's last year cut its rating from "`AAA" to "AA+" after the government failed to come up with a plan to reduce the deficit.
The US has never failed to meet its debt obligations, but the battle over raising the debt limit in August 2011 went to the last minute before a compromise was reached.
