George Galloway interviews John LeBoutillier on world economy

From BBC News:

The US "must do better" in tackling its pressing economic challenges, the White House says, after a deal on debt was signed into law last week.

Spokesman Jay Carney said the talks on raising the US debt ceiling in order to avoid a default had taken too long and been too divisive.

The statement comes a day after rating agency Standard & Poor's downgraded the US' top-notch AAA rating to AA+.

The US uncertainty led to a week of turmoil on the world financial markets.

There were fears that the US could be heading for a double-dip recession and that the sovereign debt crisis in the eurozone could spread to Italy and Spain.

The compromise US debt deal, which was passed in the Senate on Tuesday, raises the debt limit by up to $2.4tn (£1.5tn) from $14.3tn, and makes savings of at least $2.1tn in 10 years.

Mr Carney said the deal had been "an important step in the right direction" but added that "the path to getting there took too long and was at times too divisive".

He said the US must now "do better to make clear our nation's will, capacity and commitment to work together to tackle our major fiscal and economic challenges".

President Barack Obama would now encourage the bipartisan fiscal committee and members of Congress to "put our common commitment to a stronger recovery and a sounder long-term fiscal path above our political and ideological differences", said Mr Carney.

n its report issued late on Friday, S&P said the US deal did not go far enough, and that the "political brinkmanship" shown in debates was proof that "the effectiveness, stability, and predictability of American policymaking and political institutions have weakened".

The credit rating downgrade, the first in the history of the US, is being seen as a major embarrassment for Mr Obama's administration and could raise the cost of US government borrowing.

Earlier on Saturday, China - the world's largest holder of US debts - criticised the country for its "addiction to debt".

State news agency Xinhua said unless the US cut its "gigantic military expenditure and bloated welfare costs," another downgrade would be inevitable.


George Galloway speaks to long time contributor of talkSPORT, the former Republican congressman John LeBoutillier on the world economy.


Originally broadcasted on ralkSPORT 5th August 2011.

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[Graham6762]

George Galloway is the funniest, angriest human being ever.

[kimmypie88]

there is one thing missing from uranalys

there is only one thing wrong with that analyses is he was a different colour ,i can hear u all now shouting dont bring colour into it ,ever since obama walked into the whitehouse he has been treated with nothing but hate and may i say contempt from the right wing,fox news just rips him to shreds, he has been called a liar and that he wasnt born here he was called a white racist i could go on but i would be here lall day .

[MacDazzle]

Another great interview... thanks for posting this and all the other videos. Its difficult to get people to listen to the alternative view point, these small clips are just enough to give the unenlightened a taste of what they are missing every Friday night...