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A special congressional panel failed last week to reach an agreement on $1.2 trillion in deficit cuts over the next decade. The impasse triggered automatic cuts of the same amount, which are scheduled kick in beginning in 2013.

In August, Standard & Poor’s Ratings Services downgraded the credit ratings of Fannie and Freddie from AAA to AA-plus, reflecting the same downgrade S&P made of long-term U.S. government debt a few days before. It was the first time the agency had lowered the nation’s AAA rating since granting it in 1917.

If Fitch were to downgrade U.S. debt in the next two years, Fannie and Freddie would certainly see its ratings fall too. Fitch said there is slightly greater than a 50 percent chance it would downgrade U.S. debt by 2013.

However, the Federal Housing Finance Agency, the government regulator that oversees Fannie and Freddie, has said the entities will meet their financial obligations because the government will continue to fund them.

NEW YORK The Fitch ratings agency will likely lower its outlook for debts linked to the U.S. government to negative, including debt of government-controlled mortgage buyers Fannie Mae and Freddie Mac.

Ratings are based on the likelihood of default. The AAA rating is the highest available and signifies an extremely low likelihood of default.

The U.S. government rescued Fannie and Freddie in September 2008 and has funded them since the financial crisis. The two mortgage giants own or guarantee about half of all U.S. home loans and nearly all new mortgages. So if the U.S. government can’t pay its bills, neither can Fannie and Freddie.

The announcement comes a day after the agency downgraded its outlook on U.S. debt to negative. The agency kept its rating for long-term U.S. debt at the top AAA level but said it has less confidence in the federal government’s ability to rein in the deficit.

Fitch, one of the three major ratings agencies, said Tuesday it expects to announce the revised outlooks over the next several days.

An array of bonds and securities and the 12 Federal Home Loan Banks also have credit ratings that are directly tied to the credit rating of U.S. debt.

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PHOTOS: Bridesmaids and other summer flicks

VIDEO: Kristin reunites with her Bridesmaids costar on SNL

Following the success of Bridesmaids, rumors circulated that Kristen Wiig would be retiring from Saturday Night Live this spring — not so, says the actress.

“I love the cast,” the 38-year-old comic tells the December 2011/January 2012 issue of Paper. “We’re like Melrose Place without the murder.”

Though SNL’s casting decisions aren’t officially made until the end of the season, Wiig already has several projects in the works: She will reunite with Bridesmaids’ Rudolph, Jon Hamm and Chris O’Dowd in the rom-com Friends With Kids (also starring Megan Fox), and she will play Darren Criss’ older love interest in the dark comedy Imogene.

That’s not all. “I’m writing something by myself that’s not a comedy,” Wiig tells Paper. “It’s just a smaller indie movie, which is the sort of thing I actually gravitate towards. I just wrote a big chunk on a plane ride.”

PHOTOS: Stars’ funniest Saturday Night Live moments

Wiig’s Bridesmaids costar Maya Rudolph was impressed with her comedic capabilities from the start. “Kristen came to SNL knowing who she was, which I really envy,” Rudolph says. “I was 27 when I got there, and not really fully formed, but she was an adult, and she immediately just sort of nailed it.”

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The singer-songwriter already has two successful brands under her stylish belt: L.A.M.B. (upscale womenswear) and Harajuku Lovers (fragrances and accessories).

“Harajuku Mini is a dream come true,” Stefani, 41, told WWD. “I’ve always wanted to do a cool children’s fashion line inspired by the supercute and playful kid’s clothing you find in Japan.

PHOTOS: Cute celeb tots rocking denim

The style icon (and mom to Kingston, 5, and Zuma, 2,), created the Harajuku Mini collection for Target, and the retailer just released a photo of Stefani posing alongside a pint-sized fashionista wearing an adorable outfit from the line.

Her sons are among the best-dressed tots in Hollywood, and now Gwen Stefani’s fans can score rockstar clothes for their own kids.

Available Nov. 13 in sizes 6 months to 16Y, the collection will range from $4 to $30.

PHOTOS: Stars who have their own fashion lines

“Target has given me the creative freedom to design kid’s clothing that is different than most anything you usually see out there with great quality, attention to detail and most of all, available at amazing prices,” Stefani said.

PHOTOS: Kingston Rossdale’s coolest getups

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The singer, actress, designer and American Idol judge has, of course, had a challenging year, after she and Marc Anthony announced the end their marriage of seven years in July.

Another motivator? “My daughter Emme [3] inspires me to be a better human being.”

PHOTOS: Jennifer and Marc, the way they were

VIDEO: What went wrong with J Lo and Marc?

Hitting the red carpet outside Carnegie Hall, the single mom, 42, looked absolutely radiant in a pale gray Atelier Versace gown with a daring thigh-high slit, accessorized with Jimmy Choo peep-toe shoes and Harry Winston jewelry.

Jennifer Lopez pulled off one of her most stunning looks in years at Monday’s Glamour Women of the Year Awards in NYC.

PHOTOS: How Jennifer’s style has morphed for her men

As one of the year’s honorees, Lopez looked uncharacteristically nervous at the podium. “It’s been kind of a long night, right?” she joked, in a nod to the night’s impressive list of honorees, including Jennifer Aniston, former First Lady Laura Bush, Arianna Huffington, Gloria Steinem and others.

Bodacious after breakup!

PHOTOS: Check out our brand-new Red Carpet 24-7 feature!

“We all felt a little overwhelmed tonight,” Lopez, who seemed on the verge of tears throughout her speech.

She told the crowd what gets her through the tough times. “It’s the women. Through the ups and the not so ups, that’s the one thing that got me through,” she admitted. “My grandmother, who taught me to cook and not be afraid to serve and be humble. And to go out looking nice because people like that and then they respect you.”

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Michelle’s mommy quandary!

PHOTOS: Surprise! Who was Michelle’s celeb roomie?

The My Week With Marilyn star said she resisted the urge to be a “controlling mom…I was like, ‘We can’t have a dog named [that!]. But then I was like, ‘You know what? Let her have it.”

As it turns out, Matilda (whose father was the late Heath Ledger) settled on a less scandalous name: Lucky. “Which made me feel very lucky!” Williams cracked.

“We just got a puppy,” Williams, 31, revealed during an appearance on The Ellen DeGeneres Show, airing Friday. “She’s very into the puppy,” which is a mixed “sort of spaniel thing,” the Oscar nominee explained.

Michelle Williams’ daughter Matilda Ledger turns 6 on Friday. But the Brooklyn-dwelling kid already got a major thing on her wishlist in advance of her birthday.

“I spent the next 6 months trying to talk myself out of [accepting the part] because it was just so daunting,” Williams said of learning to morph into the Some Like It Hot siren. “I was never really a very good student. I didn’t go to school for a terribly long time. I think I’m making up for it now. I worked so hard. I read all the books. I watched the movies. I was obsessed with her. I woke up with her every morning and I went to bed with her every night, in a way.”

But a problem arose when the time came to name the canine cutie. “Her first ideas were…they sounded like stripper names!” Williams said. “She wanted something like, Crystal, Gem or Diamond.”

PHOTOS: Celebs and their pets

The acclaimed star also opened up to Ellen DeGeneres about her talked-about role as Marilyn Monroe in My Week With Marilyn.

PHOTOS: Marilyn Monroe wannabes

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Aniston will have plenty of places to crash when she’s in New York City: This listing is the third multi-million dollar apartment she’s snapped up this year.

Jennifer Aniston’s got some posh new digs!

Her new three-bedroom, 2,873-square-foot space — which includes building perks like housekeeping, room and butler service and a membership to the luxe David Barton gym — was listed through Prudential Douglas Elliman.

The Hollywood Reporter says the Wanderlust star, 42, has reportedly snapped up a posh $9 million pad in Manhattan’s Gramercy Park neighborhood.

PHOTOS: Celebrity dream homes

VIDEO: Ben Stiller gets Jennifer Aniston “naked”

Maintenance fees alone are said to run over $11,000 per month, but it’s worth it for this space, which THR says is the only unit in the building that looks out on Gramercy Park from the master bedroom.

PHOTOS: Jen and BF Justin Theroux’s matching style

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The gala raised over $1 million for Child Bereavement Charity. For more information or to support the work of the organization, please go to: www.childbereavement.org.uk

They really are the people’s prince and princess!

Prince William and Duchess Kate were perfectly delightful Thursday night at a charity gala in London. The royal couple, both 29, were “charming and relaxed” at the benefit for The Child Bereavement Charity.

So did William and Kate — who sat at Chalmers’ table — live up to the hype? “[They] were charming and relaxed and immediately put all the guests at their ease,” she gushed. “Having the Duke and Duchess so engaged with the Child Bereavement Charity makes a huge difference to us.” See more pics of Kate and William from PopSugar.

PHOTOS: More celebs’ good deeds

PHOTOS: Kate’s best royal tour looks

VIDEO: Look back at Will and Kate’s big day

“It was the most special evening at St. James’ Palace. The setting was stunning and there was a tremendous buzz in the Palace with everyone so excited to see the royal couple,” Chief Executive of the Child Bereavement Charity, Ann Chalmers, told Us Weekly.

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