I.O.U.S.A

Sunday May 24, 2009 at 10 pm ET/PT on CBC News Network

Two days prior to the U.S. presidential inauguration, with Barack Obama facing an increasing economic crisis, I.O.U.S.A. dissects the U.S. economy, helping to explain why our neighbor is in so much debt, and the potential impact that will have on the rest of us.

Detailing the reckless spending of past presidents, irresponsible wartime budgets and international fiascos, I.O.U.S.A. shines light on how the most powerful country in the world finds itself in the red, 'mortgaged' to the hilt, and the rest of the world can't afford it to default. Speculating on possible outcomes and solutions, experts on the subject agree on one thing - the world will not be the same when the U.S.A. falls victim to its own negligence.

Focusing on spending habits that plunge the country deeper into debt every year, the film shows us that there are only a handful of government officials willing to address the seriousness of the problem. David Walker, a U.S. comptroller, is one of those men. Walker has taken it upon himself to start a campaign called the Fiscal Wake-up Tour that illustrates how the downfall of the American economy will affect the world.

I.O.U.S.A. has been short-listed for an Oscar, and Roger Ebert has named it to his Best Films list for 2008, describing it as "a film to make sense of the current economic crisis".

It was premiered at the 2008 Sundance Film Festival and is part of CBC News Network's special tribute to Sundance.

Directed by Patrick Creadon for Open Sky Entertainment.