How should the U.S. solve its debt crisis?

From left, House Majority Leader Eric Cantor, House Minority Leader Nancy Pelosi, House Speaker John Boehner, U.S. President Barack Obama and Senate Majority Leader Harry Reid meet to discuss the country's debt crisis. (Pablo Martinez Monsivais/Associated Press)By CBC News

The U.S. debt crisis remains the centre of discussions Monday between President Barack Obama and bipartisan Congressional leaders at the White House.

Obama and the eight lawmakers are trying to reach a consensus on what to do with their country's massive 14.3 trillion-dollar debt.

Their deadline is Aug. 2, at which point the U.S. risks defaulting. Defaulting would bring "catastrophic consequences," Treasury Secretary Timothy Geithner has said, including throwing financial markets into turmoil, raising U.S. interest rates and devastating the still-fragile economic recovery.

Democrats are seeking to raise the debt ceiling by $4 trillion - part of a 10-year deficit reduction plan that includes a combination of spending cuts, tax hikes and entitlement reforms, the Washington Post reports.

Republicans, however, are demanding no tax hikes and drastic cuts to spending. They say raising the ceiling by $2 trillion is more realistic.

Which approach do you support? Are you concerned about the fallout if U.S. leaders don't reach a consensus, and begin to default on their financial obligations? Share your thoughts in the comments field below.


(This survey is not scientific. Results are based on readers' responses.)