U.S. ‘Fiscal Hawks’ Mimic France: Peter Boone and Simon Johnson

The sharp budget cuts announced in the U.K. last month have people asking: could the U.S. soon take similar steps?

The two countries share some key problems, including the aftermath of a housing bust, overreliance on high-risk financial services, and government debt levels approaching the danger zone. Self-proclaimed fiscal conservatives also are likely to make a strong showing in midterm elections.