President Obama gave this statement on November 21, 2011 following the inability of the Joint Select Committee on Deficit Reduction (the 'Supercommittee') to construct a bipartisan agreement before its deadline.

The co-chairs of the Joint Select Committee on Deficit Reduction (the 'Supercommittee'), Representative Jeb Hensarling and Senator Patty Murray, released this statement on November 21, 2011.

Greece's new prime minister is seeking crucial parliamentary support for an EU bailout package that will require restructuring its sovereign debt. Economist William Cline says Uruguay's 2003 default offers a constructive model.

Victoria Zapana explains how the city of Gaithersburg, Alabama, has remained debt-free for decades, while the country's economy struggles to reduce its deficit.

Jane G. Gravelle discusses patterns of federal spending and taxes and compares different approaches to debt reduction.

Marc Labonte argues for reduction of the current deficit in order to reduce the country's future fiscal shortfall.

The Committee for a Responsible Federal Budget urges the supercommittee to identify other areas of saving and address long-term drivers of debt.

James Cooper outlines the possible effects of European debt crisis contagion on the United States.

New Prime Minister Mario Monti faces the daunting task of reining in Italy's high public debt. Analysts say he will have to tackle fiscal irresponsibility to rebuild market confidence and prevent the eurozone's third largest economy from defaulting.

New Prime Minister Lucas Papademos faces daunting challenges to rescue Greece's economy. A fiscal collapse, analysts say, will also raise questions over the eurozone's ability to manage debt crises in other struggling European economies.

Former Federal Reserve Chairman Alan Greenspan provides an overview of the global debt crisis in the first session of the Stephen C. Freidheim Symposium on Global Economics: Europe's Debt, America's Deficit: The Crisis of the Rich World.

Despite a pledge by Prime Minister Silvio Berlusconi to resign, Italy faces pressure to address its sovereign debt burden by quickly implementing austerity measures or risk a new magnitude of eurozone contagion.

Experts reflect on the effects of the economic turmoil in Greece and Italy on the Eurozone and discuss the political dimension in resolving the crisis.

Jacob J. Lew, director of the White House Office of Management and Budget, analyzes the effect of the political gridlock in Washington on fiscal policies, and discusses the domestic deficit challenges faced by the White House.

Juan Forero and Michael Birnbaum suggest Greece turn to the financial histories of Uruguay and Argentina for a lesson on how to deal with its current debt crisis.

EU leaders are making plans for a Greek exit from the euro, even as Prime Minister George Papandreou scrambles to garner support for the new EU rescue package and tougher austerity measures.

The ongoing eurozone sovereign-debt crisis dominated the G20 summit in Cannes, but there is little the United States and other G20 nations can do to influence EU policymakers, says CFR's Steven Dunaway.

G20 leaders issued this communiqué on November 4, 2011 at their summit in Cannes, France. This copy is provided by Reuters.

Richard McGregor explains how the eurozone crisis showcases diminished U.S. capacity to lead, as Congress debates how to best support the bail out.

Joshua Kurlantzick says Europe is turning to emerging economies to help solve its debt crisis, but it's too bad they can't deliver.