When we clean this mess up here in the EU, the spotlight will be on the US. You guys will have to go over this fiscal cliff, my concern is if Obama is up for the task or will he kick the can down the road. At least with Romney you would have had someone with some economic sense at the wheel.
I think the EU has a better political structure than the US. In the EU financially responsible countries can firewall themselves off from the reckless countries. It is Germany choice whether it wants to loan more money to Greece, Italy and Spain. In the US the feds control the central bank and also have a multil trillion $ annual budget. I do not think the EU has taxing and spending authority.