US grand budget deal unlikely to pass

More from the NY Times.

I was reading some troubling reports over the weekend on the overall levels of debt in the US, not just Federal debt but also the States, Municipalities and Individuals. Unfortunately, the US is not alone and the same probably applies to most countries around the world. The days of one country devaluing their currency to such an extent so as to escape their debts are probably gone, as all countries are pretty much in the same boat. So we remain in a race to the bottom. Governments around the globe are unwilling to tighten their belts to the extent necessary and so the debt can will continue to get kicked down the road until the magic answer suddenly arrives, probably via Twitter.