Why the United States is not Italy

Italy's debt crisis raises an uncomfortable question in the United States: Is America like Italy?

Both countries' government debt levels are too high. Italy's gross debt is 120% of its economy, and U.S. gross debt is already at 100%, according to data from the International Monetary Fund.

And the United States can't continue to ignore its long-term fiscal problems indefinitely.

But the U.S. debt situation is not as immediately critical as Italy's for several reasons.

Economic growth: Italy's economy has ranged between slow and stagnant for the past decade and is expected to remain stagnant for the next several years.

Indeed, Nariman Behravesh, chief economist at IHS Global Insight, expects Italy's economy to contract this year, sending the country into recession.

By contrast, while the U.S. economy has been recovering slowly and its growth prospects in the next few years aren't knocking anyone's socks off, they are still far stronger than Italy's. Read more at CNNMoney