Spain asks for $125 billion bail-out

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Republicans have used the debt crisis to assail Democrats for failing to get control of the nation's finances.

“When it comes to the economy, I think it’s also important that we keep in mind the debt, and the impact it has on growth,” Rep. Cathy McMorris Rodgers (R-Wash.), Mitt Romney's top surrogate in the House of Representatives, said at a leadership press conference last month. “If you want to see the consequences of President Obama’s record debt on this country, all you have to do is look at what is happening now in Greece, as well as the rest of Europe.”

The administration for its part has dispatched a number of officials, including the Treasury Department's under-secretary for international affairs Lael Brainard, to press Germany to back off its calls for greater austerity and start pumping money into the economy.