No wonder markets have tanked worldwide and the US has lost its AAA credit rating, writes Adam Creighton, a research fellow at The Centre For Independent Studies.
US debt
Kohler: S&P’s false ratings alarm
The world’s sharemarkets have been jumping at shadows lately, so the impact of an actual scary boogey man — in the shape of the first downgrade of US Treasury debt in history — is completely unpredictable.
Did the Tea Party win the debt debacle?
The New York Times gets together a panel of experts — including Glenn Greenwald, Lara M. Brown and Dan Schnur — to discuss whether the controversial Tea Party movement emerged as winners from the debt-ceiling deal.
Maley: from triple-A to double-dip in America
As the US raced to finalise its budget deal that would prevent debt default, investors fretted that not enough had been done to ensure that it retained its triple-A rating, writes Karen Maley, of Business Spectator.
US needs rehab from its debt addiction
Looking at the spending habits of the US is more reminiscent of a Latin American dictatorship circa 1980 rather than a leading Western democracy, writes Larry Elliott.
Maley: hovering over a US debt trap
With still no sign that Washington has been able to craft a compromise solution for raising the debt ceiling, global markets are becoming increasingly worried, writes Karen Maley, of Business Spectator.
New Yorker cartoonists solve the debt crisis
The Republicans and the Democrats can’t seem to negotiate a deal to resolve the debt-ceiling in the US. But surely the cartoonists from the New Yorker can?
podcast Canberra Calling: The chaff bag in the Tasman Sea podcast
This week, Crikey’s Canberra Correspondent Bernard Keane and Crikey deputy editor Jason Whittaker talk about extremism in public debate; such as Republicans taking US to brink of default, wild claims about the carbon price, why Gillard gets so much abuse and the declining trust in media.
Media briefs: Murdoch back to business … the bad review worth £65k …
The News of the World scandal that has embroiled the Murdoch family is almost Shakespearean. Likewise, the writing about the scandal has been, at times, Shakespearean. Except maybe when they get Shakespeare wrong. Plus, other media news.
Raising the roof: US tax hikes, spending cuts will solve woes
What would solve America’s debt crisis? A sensible program of tax increases and spending cuts, combined with modest, long-term social security reform.
No reason or evidence will cure US of its debt fetish
If the United States Congress refuses to raise the government’s $14.3 trillion debt ceiling by August 2, the Obama administration will be forced to put American finances on a more stable path, writes Adam Creighton.
Obama nears debt-ceiling deal with Republicans
The US has only until August 1 to re-negotiate its debt ceiling before it fails to meet repayments. Rumours are circulating that President Obama and the Republican House Speaker John Boehner may have nearly finalised a deal.
Maley: will the US doff its debt cap?
Could this be the week when global investors start to get seriously worried about the looming August 2 deadline for raising the US debt ceiling? asks Karen Maley.
infographic 
The history and implications of the US debt ceiling
Since the US debt ceiling was introduced in 1917 it has been raised over 100 times. Mint.com presents a geeky infographic tracing the debt ceiling and its global implications.
Bartholomeusz: sucked into a commodities vacuum
The wobbles in commodity markets in recent weeks may well be related to the imminent end of the US Federal Reserve’s $US600 billion QE2 quantitative easing program.
