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While Washington argues over debt ceiling, the world watches

Chinese Vice premier Ma Kai (R) talks with Britain's Finance minister George Osborne (L) during a meeting at the Diaoyutai Guesthouse in Beijing on October 14, 2013. Britain and China are among the countries closely watching the debt ceiling battle in the U.S.

Elected officials are full of hopeful predictions that a collision with the debt ceiling will be averted this week, yet evidence of concrete steps toward this end remain elusive. America goes into the week with no agreement to re-open the federal government or raise the debt ceiling ahead of Thursday's deadline.  

Around the world, the political pageant in Washington is being watched with some dread.

"Everybody's been commenting about it -- the Germans have been commenting about it, the Chinese," says the BBC's Nkem Ifejika from London. "Top Chinese academics say China has in the region of $1.3 trillion invested in U.S. treasuries. So the United States says it's not going to pay up, then they would be really upset about that."

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