WASHINGTON: How did the United States, the world's richest nation and sole superpower, come to the brink of a catastrophic default on its debt that could send shockwaves through the fragile world economy?
Dire economic downturns -- including the worst since the Great Depression of the 1930s -- giant tax cuts, costly wars in Iraq and Afghanistan, and a pricey new health program for the elderly all helped sour Washington's fiscal picture.
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Dire economic downturns -- including the worst since the Great Depression of the 1930s -- giant tax cuts, costly wars in Iraq and Afghanistan, and a pricey new health program for the elderly all helped sour Washington's fiscal picture.
Continue reading
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