Fareed Zakaria sat down with John King to discuss the global consequences of the debt crisis. Fareed explains how default would effectively impose a massive tax on the American people and balloon the deficit. But the real question haunting Fareed is realestate apartment for sale in Lebanon the damage is already done.
John King: So, how does this confusing and sometimes ugly debate over raising the debt ceiling and a package of spending cuts compare to past big political divides and how is it impacting the U.S. standing and reputation around the world? Fareed, it does remind you of the old saying, 'Never let them know how you make the sausage.' What's happening in Washington right now is not pretty.
Fareed Zakaria: It's not pretty at all. You know, it was Bismarck who said that you don't want to be watching the insides of sausage-making or legislation-making. But what is odd about this one is it is a really manufactured crisis. The Speaker of the House has said that we could end this crisis very easily, but the whole nature of the crisis is self-inflicted. Most countries don't even have this thing called raising a debt ceiling.
Fareed Zakaria: It's not pretty at all. You know, it was Bismarck who said that you don't want to be watching the insides of sausage-making or legislation-making. But what is odd about this one is it is a really manufactured crisis. The Speaker of the House has said that we could end this crisis very easily, but the whole nature of the crisis is self-inflicted. Most countries don't even have this thing called raising a debt ceiling.
