[QODLink]
Counting the Cost

The US debt crisis: Mission postponed

As the federal government reopens and world markets breathe a sigh of relief, we look ahead to the next looming crisis.

Last Modified: 19 Oct 2013 07:43
Email Article
Print Article
Share article
Send Feedback

This week, the US Congress finally passed a measure to avert a threatened default and reopen the federal government, a move aimed at ending a prolonged crisis that has gripped the country and threatened the world economy.

World markets breathed a sigh of relief and Congress saved face, but little else. The debt-ceiling limit was raised, but not before Republicans and Democrats had taken the US into dangerous territory.

The US government finally reopened and federal employees were able to get back to work. But was it any more than a band-aid?

The deal raises the debt ceiling until February 7 and funds the government until January 15 - meaning that another shutdown could be on its way in just three months' time.

There were differing reactions to the deal.

Republican house leader John Boehner released a statement saying: "Our drive to stop the train wreck that is Obama's healthcare law will continue." While Barack Obama said: "I want to thank the leadership for coming together and getting this done. Hopefully, next time, it won't be in the 11th hour. One of the things that I said throughout this process is we've got to get out of the habit of governing by crisis."

The American people, however, were less impressed, with some telling us their politicians resembled bickering schoolchildren playing at politics.

Al Jazeera's White House correspondent Patty Culhane joins the show to discuss the debt crisis and what comes next.

Also on the show, for a long time Greece was the word when it came to economic news. Rarely out of the headlines - for debt problems, anti-government protests, austerity cuts or international bailouts - it has been a tough road.

The country's economy has contracted by a fifth since 2009. But in the second quarter of this year, it actually grew - albeit marginally - just as the eurozone as a whole clawed its way out of recession.
 
George Krastas, a specialist in sovereign funds, joins us from Athens to discuss the ongoing challenges facing the country.
 
Then Al Jazeera's Daniel Lak reports on the indigenous Inuit struggling with high food costs in Canada's eastern Arctic.

And finally, in China, growth is good at 7.8 percent for the third quarter. But is it good enough? Al Jazeera's Marga Ortigas visited Ghuangzhou at China's biggest trade fair for a closer look at the country's domestic business.

Watch each week at the following times GMT: Friday: 2230; Saturday: 0930; Sunday: 0330; Monday: 1630. Click here for more Counting the Cost.

Follow Kamahl Santamaria @KamahlAJE and business editor Abid Ali@abidoliverali

457

Source:
Al Jazeera
Email Article
Print Article
Share article
Send Feedback
Topics in this article
People
Country
City
Organisation
Featured on Al Jazeera
Muslim volunteers face questioning and threat of arrest, while aid has been disrupted or blocked, charities say.
Six months on, outrage and sorrow over the mass schoolgirl abduction has disappeared - except for families in Nigeria.
ISIL combatants seeking an 'exit strategy' from Mideast conflict need positive reinforcement back home, analysts say.
European nation hit by a wave of Islamophobia as many young fighters join ISIL in Syria and Iraq.
Featured
Lack of child protection laws means abandoned and orphaned kids rely heavily on the care of strangers.
At least 25 tax collectors have been killed since 2012 in Mogadishu, a city awash in weapons and abject poverty.
Since she was 16-years-old, Scottish Nationalist Party's Sturgeon has strove for independence from the UK.
Armed group's ransom success with German hostages marks a re-emergence, as authorities investigate ISIL links.
Western nations are moving into the resource-rich country after decades of disinterest, challenging China's interests.
join our mailing list