US election 2012: America is split on how to solve its growing debt crisis

Cracks are appearing as United States faces a debt crisis (photo:dpa)
Cracks are appearing as United States faces a debt crisis (photo:dpa)

America is in a state of limbo as its political class waits for the results of the November presidential elections to give it direction. But as the Democrats and Republicans polarise opinion on whether there should be more government spending or less, the country faces a mounting debt burden of almost US$16 trillion - more than its GDP. The debt crises of European countries are an object lesson for America.

THE UNITED States is facing a huge debt crisis with the total approaching US$16 trillion.

US public debt - including what the US Treasury owes trust funds like Social Security - is greater than America’s gross domestic product of US$15.09 trillion. The last time US deb...

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