Meanwhile, even if the United States and the world economy do ride out the current game of brinkmanship relatively unscathed, Washington needs to conduct an in-depth self-examination.
Two subjects are of pressing urgency: How can Washington shake off electoral politics and get difficult jobs done more efficiently? And how can U.S. politicians improve their mindset so that they will care at least a bit more about the rest of the world when handling domestic affairs with global reverberations?
Another ready topic is the United States' debt addiction. With its debt approximating its annual economic output, it is time for Washington to revisit the time-tested common sense that one should live within one's means.
Compromise only way to break U.S. debt talks stalemate
WASHINGTON, July 28 (Xinhua) -- With the clock ticking toward a debt default deadline, politicians in Washington are still wasting precious time on finger-pointing, public showdowns and tough backdoor bargains to secure the best deal for their own parties -- a testament to the entrenched political divisiveness in the United States before the 2012 presidential election.
Experts held that the wars in Afghanistan and Iraq, former President George W. Bush's tax cuts, and economic stimulus measures under President Barack Obama to tide over the severe economic recession all contributed in a major way to the spiking U.S. national debt. Full story