Following the eruption of European debt crisis in the wake of the financial crisis,a new debt crisis began to ferment on the US soils.On May 16th,with US debt exceeding its statutory ceiling of $14.29 trillion,US Treasury’s solvency became so stretched that it could hardly last to August 2nd.As a result,the country was plunged into great default risks.The two parties,through heated political struggles,finally managed to reach Following the eruption of European debt crisis in the wake of the financial crisis, a new debt crisis began to ferment on the US soils. On May 16th, with US debt exceeding its statutory ceiling of $ 14.29 trillion, US Treasury’s solvency became so that that it could hardly last to August 2nd. As a result, the country was plunged into great default risks. Two parties, through heated political struggles, finally managed to reach