Negotiations to increase the debt ceiling U.S. have dominated the political agenda in Washington, and 15 days that the country can be forced to declare a moratorium on payments, experts today warned of the implications for economic power and politician.
According to James Lindsay, an analyst at the nonpartisan Council on Foreign Relations, while it is easy or comfortable to minimize the risk facing the U.S., a default could trigger events that the country would regret for a long time and could not reverse.
"In short, a default would cause significant damage to U.S. power. It would create more pressure to cut defense spending, difficult negotiations with other capitals, and erode their influence" on his blog summed up Lindsay.
The U.S. reached last May the debt limit of 14.29 billion dollars and the White House has made clear that Congress must increase the debt ceiling for August 2 or the government would run out of funds pay their bills.
If not get on the debt ceiling, the Treasury Department would have no choice but to protect some federal programs and select to pay only the most urgent bills, something that is unprecedented in the history of the country and has led to pressures, both the business and the public, increase.
According to experts consulted by Efe, a failure in negotiations between Republicans, who hold the majority in the House of Representatives, and the White House create a destabilization of financial markets and put the U.S. economy on the brink of a severe recession.
While the Bipartisan Policy Center (BPC) estimates today that, without increasing the debt ceiling, the government should only in August at 306,000 million dollars and only receive income from 172 000 million.
The government said the study center would be in the delicate position of giving priority to costs and eliminate other equally necessary to protect the most vulnerable groups such as children, the poor, elderly and disabled.
The situation would also lead to an increase in interest rates for home purchases or for higher education and state and local governments would face greater budget pressures.
The "domino effect" would not stop there: would lie the dollar in the world which, in turn, increase the cost of all imported products, including oil.
So far, USA has been considered a safe haven for global capital flows during periods of crisis, but if Congress does not act soon, would help to undermine the flexibility of foreign policy, he said, for his part, Lindsay.
The crisis over the debt "is so frightening (..) and its impact so extensive that we can not fail to reach an agreement," said Howard Baker, Tennessee Republican former senator.
According to the Committee for a Responsible Federal Budget, hope to avert this crisis lies in a new plan being negotiated by the leaders of the majority Democrats and minority Republicans in the Senate, Harry Reid and Mitch McConnell, respectively, which would authorize a gradual increase in the ceiling debt.
The Republican majority in the House of Representatives, announced today that they would submit the plan to a vote tomorrow "Cut, limit and balance", which determines the rise in the debt ceiling to better control public spending and requires a constitutional amendment to ensure balanced budgets.
A national survey released today by the consulting firm Zogby, 52% of likely voters in 2012 believe that Congress should increase the debt ceiling, while 70% believe that increasing the cap would have serious consequences.
And although 80% of respondents want an eventual agreement includes measures to reduce the deficit, 52% believe that budget cuts "excessive" and could also harm the slow economic recovery in the United States.