By 2011, many countries have experienced an escalation of the deficit and debt. It turned out that some of them will not be able to service their debts, and can have default values. The United States budget crisis, which "left liberal" Democrats wanted to raise taxes on the rich, and "right-winged conservative" Republicans want to cut spending. Philosophical gap that existed on the role of personal responsibility in relation to the role of government. In the European Union, "PIIGS" - Portugal, Italy, Ireland, Greece and Spain - are on the brink of default, and other members of the euro area created new loan program to help them with their budget crisis. However, these loans include the requirement to pass a balanced budget. Citizens in borrowing countries objected to heavy tax increases and spending cuts, while citizens of successful countries were asked why they have to pay. It was not clear who would bear the burden of reducing the deficit and debt. "Hide
by David W. Conklin, Daniel Cadieux 3 pages. Publication Date: August 16, 2011. Prod. #: W11274-PDF-ENG
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