Spain asks for $125 billion bail-out

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 RodgersCathy McMorris RodgersDems face hard choice for State of the Union response Overnight Finance: GOP celebrates as final tax vote nears | Senate expected to pass bill tonight | Why the House needs to vote again | Panel rejects Trump pick to head Ex-Im | All major banks pass Fed 'living will' test Trump congratulates House GOP on passing tax bill MORE (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.