The national debt crisis will reach new heights on Aug 2 when the United States is set to default on their national credit due to rising deficits, unless national leaders in Washington can engineer a compromise.
Both President Obama and Speaker of the House Rep. John Boehner (R-Ohio) have spent the past few weeks trying to come to an agreement on how to reduce the federal deficit. But plans to reduce the $14.5 trillion and rising deficit by $6 trillion fell apart earlier this week after Obama claimed Boehner walked away from negotiations after refusing to eliminate the Bush-era tax cuts for the wealthy to raise revenue. Boehner has claimed that it was Obama who left the negotiating table.
Obama has felt heat from the Democratic party for offering to cut Medicare, Social Security and other benefits, while Boehner has faced fierce opposition from Tea Party members and other conservatives over the proposed tax increases. Yet so far, neither side have been able to reach an agreement as the talks grow more intense.
The negotiations to create a bipartisan resolution to the crisis took another hit on Friday after Obama said Boehner has refused to answer the President's phone calls. On Saturday, Boehner was reportedly rushing together a new plan to solve the nation's debt problems before the Asian stock exchanges open on Sunday evening. A lack of confidence in a deal getting done could already have major repercussions for the global economy.
With both sides of the aisle seemingly unwilling to compromise, what do you think about the negotiations so far? Do you blame the President, Boehner, Congress for watching from the sidelines, or both sides for failing to work together in this critical situation?