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On the American political stage, an unusually tortuous battle for the debt ceiling is quietly unfolding, attracting widespread attention. This contest involves a power struggle in Congress, involves an open and secret struggle between the two major parties, and behind it is a major test of the economy and national credibility. This article will take you through the ins and outs of this political farce and the deep political strategy it contains.
Not long ago, the U.S. House of Representatives voted 217 to 215 to pass the Republican-backed debt ceiling bill, named the Limit, Save, Growth Act. At the heart of the bill is a moratorium on keeping the debt ceiling at the current $31.4 trillion until March 31 next year. It is worth noting, however, that if bipartisan agreement can be reached before that deadline to raise the debt ceiling by another $1.5 trillion, that time frame will be voided.
However, although the House of Representatives has passed the bill, it does not mean that everything is going well. Ironically, the Democratic administration is unhappy because they believe the $1.5 trillion provided by the bill is far from enough to meet their needs. The White House even said the bill was a "reckless attempt to obtain extreme concessions" and stressed that if it reached Biden's desk, he would firmly veto it. The White House expects a "clean" debt ceiling increase of $51 trillion.
The $51 trillion may sound implausible, but judging by congressional inquiries, Treasury Secretary Janet Yellen seems to have acquiesced to that number. This apparent political maneuver is eye-popping, but the truth is that Republicans are indeed trying to raise the size of the debt ceiling. However, the amount they originally proposed was cut to an unacceptable $1.5 trillion. The situation sparked displeasure among Democrats, and President Biden said on Wednesday that he was willing to meet with Republican Congressman McCarthy but strongly stressed that the increase in the debt ceiling was "non-negotiable."
Behind this political contest is a reflection of the deep-seated problems of the US political system. The debt-ceiling controversy has turned into a soap opera, with the world watching the performances of both major parties. Although the Democrats have a slight upper hand in this performance, that does not mean they can win easily. After all, Republicans still hold the financial power of the House of Representatives, while the Democrats control the Senate. This power game will continue to escalate, recalling the question of why the Democratic Party did not focus on the national debt ceiling before the midterm elections. Perhaps they have already planned a complex political game to gain dominance over the debt ceiling.
Under the pressure of the Biden administration, the Republican Party, which originally held fiscal power, was helpless. They are reluctant to approve a debt ceiling hike because it would mean making it easy for Democrats to get through, which is unacceptable to them. However, if they approve a increase in the debt ceiling, they will be liable for defaulting on the national debt. So Republicans came up with a clever strategy to split the Treasury ceiling into smaller pieces to avoid a Treasury default while also limiting Democratic spending. But now, the ball is back in the hands of the Democrats, and a new political drama is about to be staged.
In this political tussle, all parties are pursuing their own political goals, but the country's economy and credibility are also greatly challenged. The debt-ceiling controversy has become a mirror of the deep-seated problems within the U.S. political system, reflecting a long-running rivalry and power contest between the two major parties. Over time, we will continue to witness the development of this political soap opera, and its ultimate direction will affect not only the United States, but also the global economic landscape.
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