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PRESIDENT Barack Obama has warned the superpower is on the brink of "economic crisis" if the country's politicians do not sort out America's mammoth debt.
The US leader made a dramatic televised address last night blaming Republicans for blocking Democrat plans to raise borrowing.
If a deal is not agreed to to lift the country's $14.3trillion national debt ceiling America faces defaulting.
The government then faces running out of money to pay its bills for the first time.
Last night the President said: ""We risk a deep economic crisis - this one almost entirely caused by Washington."
The Democrats want to see the ceiling raised until 2013 - but offset the hikes by raising taxes.
President Obama and the top Republican in Congress John Boehner had been working on a plan to cut the country's debt by about $3trillion over the next ten years as a condition of lifting the ceiling.
But the Republican House of Representatives only want to extend borrowing until the end of the year in return for about $1trillion in spending cuts.
A vote on another extension will then be needed in 2012 - presidential election year.
After the President's address Mr Boehner said he "had made a sincere effort to work" with the White House.
The risk of America defaulting on its debts has now increased over the last 48 hours after the talks between President Obama and Mr Boehner collapsed.
Last night Mr Obama said: "Republican House members have essentially said that the only way they'll vote to prevent America's first-ever default is if the rest of us agree to their deep, spending cuts-only approach.
President Obama admitted that "for the first time in history our AAA credit rating would be downgraded leaving investors around the world wondering whether America is still a good bet."
But Mr Boehner said the President wanted a "blank cheque".
He slammed the Democrats plan as "we spend more and you pay more".
It is feared the public slanging match between the two most important players in the talks is likely to alarm investors around the world.
The US risks default on its $14.3tn (£8.7tn) debt without a deal to raise the borrowing limit by August 2.
http://www.thesun.co.uk/sol/homepage/news/3715123/Obama-US-faces-brcrisis-over-debts.html#ixzz1TEY8KLRE
The US leader made a dramatic televised address last night blaming Republicans for blocking Democrat plans to raise borrowing.
If a deal is not agreed to to lift the country's $14.3trillion national debt ceiling America faces defaulting.
The government then faces running out of money to pay its bills for the first time.
Last night the President said: ""We risk a deep economic crisis - this one almost entirely caused by Washington."
The Democrats want to see the ceiling raised until 2013 - but offset the hikes by raising taxes.
President Obama and the top Republican in Congress John Boehner had been working on a plan to cut the country's debt by about $3trillion over the next ten years as a condition of lifting the ceiling.
But the Republican House of Representatives only want to extend borrowing until the end of the year in return for about $1trillion in spending cuts.
A vote on another extension will then be needed in 2012 - presidential election year.
After the President's address Mr Boehner said he "had made a sincere effort to work" with the White House.
The risk of America defaulting on its debts has now increased over the last 48 hours after the talks between President Obama and Mr Boehner collapsed.
Last night Mr Obama said: "Republican House members have essentially said that the only way they'll vote to prevent America's first-ever default is if the rest of us agree to their deep, spending cuts-only approach.
President Obama admitted that "for the first time in history our AAA credit rating would be downgraded leaving investors around the world wondering whether America is still a good bet."
But Mr Boehner said the President wanted a "blank cheque".
He slammed the Democrats plan as "we spend more and you pay more".
It is feared the public slanging match between the two most important players in the talks is likely to alarm investors around the world.
The US risks default on its $14.3tn (£8.7tn) debt without a deal to raise the borrowing limit by August 2.
http://www.thesun.co.uk/sol/homepage/news/3715123/Obama-US-faces-brcrisis-over-debts.html#ixzz1TEY8KLRE
