A word subsititution puzzle

From this article I take the following:

Ability of New Iraqi Leaders Doubted

"A co-chairman of the blue-ribbon panel reviewing U.S. policy in Iraq raised concern last night about the ability of the Iraqi government to address the country's problems.""

Now transport yourself back to the year 2001 whilst I make a few alterations so it now reads like this:

Ability of New U.S. Leaders Doubted

"A co-chairman of the blue-ribbon panel reviewing policy in the US raised concern last night about the ability of the American government to address the country's problems."

Does it still make sense? Does it make less sense? Does it make more sense?

We report. You decide.