Read this article on the budget balancing measures being demanded of Greece by the European Union. Basically, when one says the EU are making demands, it's really Germany, the only financially stable country of any size in the EU. The article speaks for itself.

http://online.wsj.com/article/SB1000...?mod=djemTEW_t

In the case of the U.S., those that will be demanding the kinds of spending cuts and tax increases needed will likely be China and Saudi Arabia, maybe Japan as well. Congressional approval of an increase to our debt limit will be critical to the timing of what will happen to us. The Fed has said they can stretch our finances until about mid-August, not further. At that point the choice will be for the U.S. to default on it's debt obligations or begin to make massive cuts to federal spending and increase taxes--life changing cuts, including cuts to entitlement programs heretofore considered sacrosanct. And cuts to other government programs and services that will touch each of us in very real ways very quickly.

If it makes you feel any better about the imminent threat to our way of life, maybe we should get a little excited about our elected representatives simply "playing politics" with this, maybe the most serious threat that has faced our country in decades. Those that were doing most of the negotiatioins have stopped talking. One of the lead negotiators simply walked away from the table. Now it looks like it's up the the President and the Speaker of the House to come up with a plan. They don't have much time--WE don't have much time.