As the so-called US fiscal deadline is close, leaders of Republican and Democratic Party are engaged in intense negotiation to head a possible fiscal crisis. However, analysts are optimistic about the prospective, considering the US leaders' past backgrounds on encountering with similar challenges, yet both sides stand far away to compromise and make a real difference in the political bargain.

Both parties agree that sovereign debt should be controlled and should be pulled spiraling steps down which currently stand at 16 trillion dollars, the largest debt in the world. Indeed, it is the US economy that stands with such giant burden and no other economies could do so and definitely would have knelt down.

Though the economy has done well so far, but economists fear that market may react if the sovereign debt increases further. So, in order to bring down or keep it under control, government needs to save and forget about its previous prodigality.

The controversial issue is how to do it, not why to do it, because both sides are in consensus about looming danger if the fiscal decline does not come under control. Deficit should be reduced and, also both parties agree, through raising revenues.

The republicans want to take on the task through the so-called sealing the loopholes while the administration wants to do so through tax increase on 2% wealthiest Americans. Republicans argue that tax increase would not lead to economic growth instead will deal negative impacts by discouraging entrepreneurs.

On the other hand, President Obama and his party is in view that through stopping tax cuts and imposing higher tax on wealthiest citizens will increase the public revenue and, thus, government can pull the economy back on the track. Secondly, budget deficit can be decreased through reduction of public expenditure.

Seemingly, Washington officials try mixture of both options and save through tax increase and public budget cut down. Both measures are feared to increase unemployment rate and pull the economy back to recession. The prospective looms much worrisome if Republican dominated Public House and President Obama fail to reach into an agreement over a clear-cut mechanism.

But, as noticed, though contention continues, yet the global market has not reacted negatively, perhaps, largely due to Washington's past profile in effectively dealing with such problems. Let's see would the controversy come to end without sending shocks to global economy or not?