by Adam Lee Buller

Created on: August 02, 2011   Last Updated: August 06, 2011

The 2011 debt ceiling debacle will long be etched in the mind of not only Americans, but also all the major economic players, as the defining moment in the decline of American economic power in the modern world. This crisis has engulfed the press casting doubt on the full faith and credit of the United states to live up to it's word and honor it's financial commitments.

Regardless of whether they are right or wrong in their ambitions to change the way America controls it's budget, it should never have come to this! So, out of the two congressional parties, who is to blame for the crisis that destroyed America's Credibility.

The biggest problem with answering this question is the belief that only two major parties exist in congress in 2011. The freshmen Republican class voted in by the American people which have been known in recent times as The Tea Party movement are really a party in themselves and have shown massive immaturity, hence the word "Freshmen", in forcing a showdown at one of the worst possible times in US economic history.

Now I'm not saying that America doesn't need to cut it's deficit, it does, but if this shallow attempt at a deal is the best they were ever going to come up with, then it could have been achieved months ago and just shows that this exercise has been more about extremely damaging political maneuvering than it has a genuine desire to cut the defecit.

If we are going to view the tea party as republican though, then the blame really has to lie with them. To try and cut the deficit and help America avoid a future default a few years down the line without tax rises, or at least an end to the bush tax cuts, is misguided to say the least. The country's wealthiest have enjoyed enough of the good times over the past few decades and through the Bush tax cuts have added trillions to the deficit. This fiscal balance needs to be readjusted and to object to this is ludicrous!

I am by no way in support of the wreckless borrowing being undertaken by the Obama administration to try and kick start the economy as in the long term it will have a negative effect as rating agencies downgrade American debt and borrowing costs rise. The tea party's immature and stubborn stance though has only brought this eventuality closer.

Finally if the tea party movement feel they have come out victorious in this debate they couldn't be more wrong. They wanted deficit and debt reduction and this will not be achieved! Very minimal amounts of spending cuts have been agreed over the next two years by which time the political landscape will have been changed again and most of this debt deal will be rewritten by a new congress. In the meantime the cost of borrowing for the United States will rise adding more to the debt and deficit.

What has been achieved then? The tea party has successfully highlighted to the world that America's reputation as a safe haven is now in doubt and it's economic power is in decline. Something tells me that the American people will not forgive or forget this in a hurry!

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