‘The US Is Holding the Whole World Hostage’

Grasping for a solution: Obama is making little progress on the debt-ceiling dispute. AP

Grasping for a solution: Obama is making little progress on the debt-ceiling dispute.

With no solution to the US debt crisis in sight, the rest of the world is starting to get nervous. German commentators urge congressional leaders to get their act together. A US default would have catastrophic consequences, they warn.

Both Moody’s and Standard & Poor’s are threatening to downgrade the country’s debt amid fears of a national insolvency. But for once it is not a debt-stricken euro-zone member that has come into the crosshairs of the powerful rating agencies. This time it is the United States, the world’s largest economy, that is at risk of going bust .

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