Citigroup's chief economist said this week the euro zone turmoil may be the "opening act" of a debt crisis that could even infect the United States and Japan, while a top Federal Reserve official said it was "a wake-up call" for America.
In that environment, US ailments -- a rising ratio of debt-to-gross domestic product, one of the highest peacetime budget deficits, strapped state governments, and banks that many fear are still "too big to fail" -- make investors queasy.
While the prospect of US default is remote, that doesn't mean the United States will always be able to borrow money at less than 3% for 10 years, as it can today."Americans are kind of sleeping at the switch," said Joseph Quinlan, chief market strategist
For more: Will debt spotlight shift from Europe to US? - Reuters -
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