It certainly looks like Obama and Co. want to emulate Europe. Possibly including following it off the cliff of debt. Or, as the article analogizes, the Iceberg of debt that lies just under the surface, waiting to sink anything that hits it. The analogy actually makes not a scintilla of difference. The point is that we are not much behind the Europeans (if at all), and their fate is likely to become ours.
We have one election in November to turn this around.