The two parties have agreed to a certain extent to raise the debt ceiling, but there aren't many details on this operation. The fundamental problem of spending cuts was not taken into account, since no change is expected until 2013.
As a result, US debt continues to grow. If the economy slows as I think it would, the country will record a fiscal deficit of 1.7 trillion dollars next year. The following year would be more of the same, and government debt, in proportion to gross domestic product, will continue to grow to the point where, like Greece, the assessment of the solvency of the country will be revised downwards. - in Expatica
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.
