Depends on who you ask.
Moody’s Investor’s Service issued a warning that The U.S. credit rating could be in jeopardy if the debt ceiling is not raised, according to the NYT. And still, Republicans and Democrats can’t seem to reach a deal. Excerpt:
The treasury secretary, Timothy F. Geithner, met on Capitol Hill with House freshmen, including Republicans who have suggested that they see little or no risk in a showdown over the debt limit. Citing the Moody’s statement, Mr. Geithner urged them to support raising it or risk an economic crisis.
“We didn’t create this mess,” one Republican told Mr. Geithner, according to a person in the room.
Independent analyses have shown that more than half of the $14.3 trillion debt is from policies enacted during the past decade when Republicans controlled both the White House and Congress, and much of the rest from lost revenues and stimulus spending and tax cuts since Mr. Obama took office at the height of the financial crisis and recession. (empases mine)
So… they did create this mess. And they have refused to learn the lesson, just keep digging in the same deep hole. Another Republican out-of-touch story.