by Valentin Zorin  

RT    February 04, 2012

Washington is facing another crisis. For the second time in the last six months, the United States has found itself on the verge of default. If the Republican majority in Congress votes against the government’s request for raising the debt limit, the state will be stripped of funds and will have to suspend many payments. Moreover, this will inflict serious damage on the US economic ratings and the dollar.

In August last year, the amount of the US state debt exceeded $14tln and Secretary of the Treasury Timothy Geithner warned that if the debt limit was not raised, the country would face default. Fierce debates between the government and the Republican majority went on for weeks until they eventually managed to come to agreement just a few hours before the deadline.

However, this turned out to be a short break. The debt level had come close to a startling $17 tln in the past months and yet again the government is seeking Congress’ approval to increase the debt level.

The Republican majority believes however that this time they have found President Obama’s weak point and could secure a great number of political gains in the unfolding election campaign. There has been no approval for raising the established debt limit so the threat of default is as serious as ever.

Given the situation, the Democratic leadership is accusing their political opponents of selfishness. From their part, they call for reducing the budget deficit by imposing higher taxes on individuals whose yearly income exceeds one million dollars. While blaming – and not without grounds – the Bush administration for the disproportionately high state debt, the Democrats promise to curtail defense spending. President Obama said in the heat of election debates that the Pentagon’s concerns reflected the interests of the military industrial complex and its lobbyists in the corridors of power.

Unscrupulously cynical political games when time-serving interests are put above the interests of the country and its citizens never pass unnoticed. According to the latest opinion poll, 82 percent of respondents say that they are dissatisfied with the performance of those they entrusted to run the country. The results of the survey should sound an alarm bell for many.

In the words of American politician and former Secretary of Labour Robert Reich, the United States is faced with problems which will remain in place irrespective of who wins the 2012 elections. The country’s economic troubles will persist for years, if not for decades, he said. For this reason, a matter of primary concern  should not be the election bickering but a search for resolving the problems, Mr.Reich said.

But whether Washington politicians who are so bogged down in political intrigues and in pursuit of power are capable of meeting this kind of challenge is hard to say.