U.S. Capitol
Thanks to the inability of the nation's two political parties to reach an agreement, the U.S. is less than three weeks away from something few economists thought was possible: a default on its public debt. REUTERS/Larry Downing

Which party is to blame for the debt deal crisis?

The nation's two political parties are at it again -- so far failing to agree on budget deficit reduction package and a debt ceiling raise. If the Democrats and Republicans don't reach a debt deal agreement soon, the U.S. Government could run out of money -- legally, it would not be able to borrow money -- and it will default on its debt. And most economists agree that both the economy and investments would be hurt by a U.S. Government default.

Democrats, led by President Barack Obama, D-Ill., argue more revenue is needed to help balance the budget, and that if only program cuts occur, the bulk of the sacrifices will be made by senior citizens, workers, students, and the poor.

Republicans, led by House Speaker John Boehner, R-Ohio, argue that now is not a good time to raise taxes -- the Republican Party's preferred term for closing loopholes and reducing/ending subsidies - because it will ending up destroying jobs, and slow the U.S. economic recovery.

Who is right in the debt deal debate? Democrats? Republicans? Or are they both being unreasonable?

Let us know what you think. Send us your thoughtful comments in the space provide below.

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