One of the most prominent critics of the US economy, Senator Rand Paul believes its no big deal if the US doesn't raise its debt limit. We take you to the front lines of the debt crisis this morning to try to get a sense of the potential impact here in Canada.

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Today's guest host was Jim Brown.

Part One of The Current

Satire

It's Wednesday July 27th.

In a bid to make its food offerings to children healthier, McDonalds is adding apple slices to Happy Meals.

Currently, the new Happy Meals will be available as soon as McDonalds retrofits its deep fryers.

This is the Current.

U.S. Debt Ceiling - Senator Rand Paul

The battle over Washington's debt ceiling - the amount of money the U.S. government is legally allowed to borrow brought politicians to the airwaves again this week. Both President Barack Obama and House Speaker John Boehner tried to convince voters that their strategy was the best one to end the stalemate. For months, Republicans and Democrats have tried to find middle ground before Tuesday's deadline and avoid defaulting on international loans.

With trillions of dollars on the line, some economists warn the government risks leaving social security unpaid and damaging the country's credit rating. Rand Paul is a Republican Senator from Kentucky who advocates balancing the budget without raising taxes. Senator Paul joined us from Washington, D.C.

U.S. Debt Ceiling - Economist James Marple

Whatever the Americans decide about their debt ceiling next Tuesday, the delay has many economists hitting the roof. The repercussions are bound to be felt around the world.

To get a sense of what might happen in Canada if there's no agreement, we were joined in Toronto by James Marple. He's a senior economist with the TD Bank.

Related Links:

• What exactly is the US debt ceiling? - Al Jazeera
• Debt Debate: What are the Odds Congress Can Raise Debt Ceiling by Aug. 2? By Jonathan Karl - ABC News
• What If We Don't Make The Debt Ceiling Deadline? NPR Interview with Jay Powell - All Things Considered
• Sen. Paul Opposes Debt Deal to Add at Least $7 Trillion to Debt
  Jul 25, 2011 - Rand Paul Press Release
• IMF calls for US to raise debt ceiling and cut spending - BBC News
• US debt crisis threatens global markets as Congress is locked in blame game By Ewen MacAskill - The Guardian
• U.S. Debt Ceiling Crisis: What it Means for Canada By Andrew Deichler - AFP
• Canada will suffer if U.S. defaults on its debt, economists say By Lee-Anne Goodman - The Canadian Press

Other segment from today's show:

• The Unfinished Journey of Rabbi Simes