There really isn't a federal budget crisis. It is a political crisis. Unlike the Eurozone countries, the U.S can service its debt because of low interest rates available to it. And the U.S. has enough resources to keep the country moving forward, so there is no major budget problems.
The real issue is that the political crises arises from two opposing ideologies concerning spending which has created uncertainty about the future of the U.S.. The CEOs from 80 companies representing $1.4 trillion in yearly income petitioned the White House and Congress to stop bickering because this has caused the economy to slow down.
The CEOs also requested higher tax rates for people like themselves, plugging tax loopholes, and making the earned-benefit programs like Social Security and Medicare run more efficiency--something these CEOs know a lot about--while make some cuts to Medicaid.
This seemed to be purely a non-ideological business approach to solving economic problems which asked both major potlical parties to stop their endless posturing. See what you think: http://www.fixthedebt.org/blog/ceos-call-for-defic...
Here are some of the petition signers:
Bill Ackman, Founder & CEO, Pershing Square Capital Management, L.P.
Samuel R. Allen, Chairman & CEO, Deere & Company
Richard Anderson, Chief Executive Office, Delta Air Lines, Inc.
Steve Ballmer, CEO, Microsoft Corp.
Doug Bergeron, CEO, VeriFone Systems, Inc.
Mark Bertolini, Chairman, CEO & President, Aetna, Inc.
Leon Black, Chairman & CEO, Apollo Global Management, LLC
Lloyd Blankfein, Chairman & CEO, Goldman, Sachs & Co.
Glenn Britt, Chairman & CEO, Time Warner Cable Inc.
Greg Brown, Chairman & CEO, Motorola Solutions, Inc.
Nicholas Calio, President & CEO, Airlines for America
Russell Carson, Co-Founder & Gen. Partner, Welsh Carson Anderson & Stowe
Marc Casper, President & CEO, Thermo Fisher Scientific Inc.
John Chambers, Chairman, President & CEO, Cisco Systems, Inc.
David Cote, Chairman & CEO, Honeywell International Inc.
Alexander Cutler, Chairman & CEO, Eaton Corp.
The pressure from these sorts of individuals should force Congress to reach a mini-compromise on taxes by Dec. 31. That would give a signal to the financial markets that the game of total brinkmanship is over for now. The might encourage the next Congress to make realistic spending cuts to the budget.