The U.S. is headed towards the next major budget battle between the Republicans and Democrats. On May 16th lawmakers will have to vote to raise the $14.3 trillion debt ceiling or risk a default by the world's largest economy.
Republicans have insisted they will not agree to raising the debt limit unless they secure more spending cuts from Democrats. The White House has accused the Republicans of holding the country hostage and risking another global recession.
On April 18th, ratings agency Standard and Poor's slapped a negative outlook on U.S. government debt, saying it was concerned lawmakers may not be able to reach an agreement. The U.S. risks being stripped off its prized 'AAA' rating within the next 2 years.
The last time the U.S. was placed on negative watch was in 1996, by Moody's, when Republicans refused to raise the debt ceiling.
According to the Congressional Budget Office, the U.S. budget deficit totaled $830 billion for the first half of fiscal 2011. The CBO also expects the country's debt-to-GDP ratio to hit 75.3 percent by 2018.
We want to know whether you think America still deserves the highest credit rating despite its dire fiscal state.
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