"Despite President Obama's goodwill and strong efforts, the national interest was held hostage by the rise of the extreme right Tea Party wing of the Republican Party. The consequences were grave. There can be few things more alarming in public policy than a political movement which was genuinely prepared to see the US government default on its obligations in order to score a political point." Mr Swan said he was concerned the Republicans would again threaten global stability during looming negotiations to prevent a "fiscal cliff" – a massive reduction in spending if the president and Congress fail to reach a budget compromise.