The world's most powerful country was brought to the edge of financial chaos by Mrs. Bachmann and her Tea Party cohorts. Americans should never forget the damage that they have caused the whole nation.
With the now-lower rating on the U.S. government debt assigned by the major rating agency, the Standard & Poors, the bonds and bills investors find themselves questioning as to what to do with their investments: how to find riskless replacements for the now-risky U.S. bonds?
If Congress gets smart, goes back into negotiations immediately and comes up with a credible plan to implement budget savings of more than $4 trillion over the next 10 years, the world will have renewed faith in the its largest economy.
Mirroring issues in the EU, a problem of debt cannot be solved by yet more debt. With the threat of a downgrade looming, any rise in interest rates could make the situation worse, hitting the tax payer and U.S. exporters.