"Is the United States Greece?
The short answer is: not yet, but it will be if the Democrats remain in control in Washington for two more election cycles.
In the Telegraph, Edmund Conway summarizes a lengthy report by the International Monetary Fund on sovereign debt that came out today:
[T]he really interesting stuff is the detail, and what leaps out again and again is how much of a hill the US has to climb.
Exhibit a is the fact that under the Obama administration's current fiscal plans, the national debt in the US (on a gross basis) will climb to above 100pc of GDP by 2015 - a far steeper increase than almost any other country.
This graphic tells the story.
Note what happened after the Democrats took control of Congress in 2007:"
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