In a report, Moody's warned that the next US administration "must address the widening fiscal deficit", nearly a year after announcing a negative outlook on the country's sovereign credit rating. "The administration's tax and spending policies will affect the size of future budget deficits and the expected decline in US fiscal strength, which in turn could have a significant impact on the US sovereign credit profile," analysts such as Claire Li and William Foster wrote in the report. After the congressional and White House races in November, the administration is expected to remain divided, preventing the new administration from undertaking comprehensive fiscal reforms. As a result, both candidates' fiscal policy proposals are likely to require intense bipartisan negotiations and compromises. The report concludes that "without policy action to correct them, these debt dynamics will become increasingly unsustainable and not Aaa-rated".