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When Republicans stepped back from a larger deal last month, one that would have resolved the debt ceiling, Mr. Obama faced a choice.
With last year's Budget Control Act — which resolved the debt ceiling crisis, and set the stage for the "fiscal cliff" — President Obama agreed to cut discretionary spending by $1.5 trillion over the next ten years.
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Moody's outlined three scenarios for resolving the debt problem.
Resolving the debt ceiling is more a question of how than if.
I don't think we'll be successful in trying to resolve the debt crisis with more debt outside the regular budgets".
Chancellor George Osborne joined senior policymakers from around the world in urging the US to resolve the debt ceiling impasse, warning of the "extremely serious" consequences of a breach.
Demanding "straight talk," Mr. McCain accused conservatives of abandoning reason by opposing the House Republican leader's plan to resolve the debt crisis.
The idea of resolving the debt crisis through restructuring may still be anathema in official European circles, but it won't go away.
It has become obvious that restoring the soundness of European banks is fundamental to resolving the debt crisis and removing a serious threat to the global economy.
That reflected a setback in negotiations between Greece and its private creditors on resolving the debt crisis of the most vulnerable euro zone member.
Even if governments and central bankers do resolve the debt saga, the UK still faces a 50/50 risk of recession, says the National Institute of Economic and Social Research.
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