The great US trickle down - Counting the Cost - Al Jazeera English

The great US trickle down - Counting the Cost - Al Jazeera English:

 The US is flirting with another politically-motivated debt crisis as the White House and Congress battle over the budget for the year beginning on October 1.

The White House has asked Congress to raise the $16.7tn debt ceiling. But Congress will not do that unless the White House agrees to spending cuts and a delay in Barack Obama's healthcare law. If they fail to agree, come October 17, the treasury will be down to its last $30bn, meaning that the US will be unable to pay its bills. That could result in the government and schools being shut down and social security payments stopped.

Of course, the country came close to an historic debt default in 2011. So, will Obama bypass Congress this time around? And, if the US cannot sort out its debt, what will that mean for the rest of the world?