THE LOOMING DEBT CRISIS.

Americans know what the Speaker of the United States House of Representatives John Boehner's bill that has just been passed in the House, is. It is a one sided compromise; a smoke and mirror composition of the same bill, which has come by another name of "Cut, Cap and Balance", only a few days back.

The White House and the Democratic party has rejected it, and they would continue to repudiate it. It was the same or an identical one that Senator Harry Reid, Democratic Majority leader in the Senate has tabled. He himself has prepared another plan that his Democratic colleagues favored.

He has done so for just one reason and one reason only, that a real compromise might be reached within the next few hours, from twenty-four to forty-eight hours. That has become a rare window of opportunity for lawmakers to come together on a bi-partisan basis to remedy the debt ceiling crisis; and they must find a way to make use of it.

Any other avenue would just be a waste of time, as the August 2nd. deadline of default approached stealthily.

Investment companies, banks, financial and business corporations of all kinds have come out almost in one voice to decry the result that would present itself, if America failed to meet its debt obligations by allowing the deadline to pass by. The consequence would create an unbearable atmosphere for them, not only within the country, but also outside the United States.

In other words, it was not just a U.S. economic crisis, but a global one that would affect all financial markets. It would be a worldwide problem, whose outcome would be unfavorable all around. Something must therefore be done forthwith, before that "window" closed.

Congressional procedure would have a joint committee examining the Reid and Boehner plans to find a common ground for an agreement between the two, and then compose a new bill that would pass in the Senate as well as in the House.

President Barack Obama has reiterated the shortness of time for a solution to emerge, as he has personally urged the American public at large to call those who represented the nation in Congress, and asked them to put politics aside in their attempt to stop the financial destruction that would ensue, if America defaulted.

He has also clarified the U.S. position, in no uncertain terms, as being the biggest economic market, and it must do whatever it possibly could to calm the jitters that other markets were experiencing, because of what was taking place locally.

Otherwise, things would get out of hand, as the situations in Greece, Spain and other such places; and that would not be, for that matter, in the best interest of anyone or any country concerned.

America must retain its high trade/credit rating to ensure that capital investments were safe in the country, and that investors must continue to rely on the availability of the vast opportunities that have been made for them to thrive economically in the past.

With such assurances, big corporations and companies would begin to hire people for the dismal unemployment rate of 9.2% to reduce. The economy would bounce back to enable Americans to breathe freely once more.

This must be the time when Congress stood out to defend the nation's reputation, and its resilience to remain a stronghold that world financial markets and institutions have come to depend and count on; and it must do so by passing a bill that could be signed by president Obama into law to resolve the issue.

The looming debt crisis would then be behind the U.S.