By voting No, the Irish also forced the other 26 governments to come up with a package of concessions and assurances.
In an ideal world, America's politicians would come up with a package of medium-term spending cuts and tax reforms to fill the country's fiscal gap.
And I was encouraged by those discussions, and I believe there is enough broad consensus that we can come up with a package that can be approved with bipartisan support.
"It may persuade enough of them that they do need to be more moderate and incremental in the approach, and they may actually come up with a package that is even more popular than what would have otherwise been, had they tried to get the bill through before August, " he said.
John McCain, R-Arizona, said they are trying to come up with a better package to create jobs.
What's puzzling to the casual observer this time is the reluctance of the IMF to come up with a rescue package for the shattered Argentine economy.
They also note that although it is the IMF that attracts most of the blame, it has the clear backing of its principal shareholders, the big industrial countries who once again urged Argentina to come up with a suitable package of reforms.
But as the British Chancellor George Osborne said, they haven't got long to come up with a compelling rescue package, to prevent the eurozone's financial strife causing a credit crunch and serious recession.
Only this year, with the economy still reeling, has he come up with a broad reform package, known as Agenda 2010.
And on top of all of this is the threat of future defense cuts that would be triggered by the budget control act's sequester mechanism in the event that the joint committee, which Frank mentioned I happen to serve on, doesn't come up with a spending reduction package that Congress can pass.
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