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Wayne Swan, Australia's Treasurer, has launched a scathing attack on the United States Republicans and warned the party's "cranks and crazies" are the greatest threat to the world's economy.

Mr Swan lashed out at the Republicans for recklessly endangering the economies of the US and the world.

"Let's be blunt and acknowledge the biggest threat to the world's biggest economy are the cranks and crazies that have taken over a part of the Republican Party," he said in a speech in Sydney.

"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.

"Fast forward to today, against the backdrop of a very close presidential campaign, and global investors are once again keenly focused on political gridlock in the US," Mr Swan said.

Julia Gillard, Australia's prime minister, backed her colleague's foray into US domestic affairs.

"The Treasurer has been making appropriate comments today about potential risks for the global economy and consequently for the Australian economy," she said. "You would expect him to be doing that." The Opposition said the Treasurer's comments were an embarrassing insult to Australia's ally and would prove highly damaging if Republican candidate Mitt Romney wins the US presidential election.

"It was a calculated insult to the elected representatives of our key ally," said the Opposition's foreign affairs spokeswoman, Julie Bishop. "He is showing reckless disregard for the debt burden the US faces." Australian politicians typically avoid intervening in the domestic political affairs of other countries, particularly allies.

In 2007, former prime minister John Howard attacked then-presidential candidate Barack Obama, saying that terrorists would be hoping Mr Obama won the election.

Kevin Rudd, then opposition leader, moved a censure motion against Mr Howard and labelled his comments a "grave mistake". Mr Rudd was elected prime minister – and Mr Howard lost his seat in parliament – before Mr Obama won the 2008 election.----

Source: http://www.telegraph.co.uk/news/worldnews/australiaandthepacific/australia/9557602/Australian-leader-attacks-US-Republicans-as-cranks-and-crazies.html