2021-10-13

The risk of US debt default is delayed, but the two parties still “play a political game with the national wallet”

By yqqlm yqqlm

Beijing, Oct. 13 (Xinhua) according to a comprehensive report, on October 12 local time, the U.S. House of Representatives finally approved raising the debt ceiling, and the government borrowing limit was temporarily raised to $28.9 trillion, so the risk of default will be postponed to at least early December. However, the media pointed out that the fierce quarrel and political struggle between the two parties in the United States continued, and it was criticized that “lawmakers are playing games with national wallets”

The risk of US debt default is delayed, but the two parties still “play a political game with the national wallet”

[you agree with me against the bipartisan vote to “fight”]

Reuters reported that the Democrats who controlled the U.S. House of Representatives by a narrow margin passed the bill to increase the debt ceiling by $480 billion by 219 to 206 votes. The voting was conducted in accordance with the party line. Each affirmative vote came from Democrats and each negative vote came from Republicans

it is expected that US President Biden will sign the measure into law before October 18. The U.S. Treasury Department estimates that if Congress does not act, it will no longer be able to pay U.S. debt by October 18

it is reported that the US House of Representatives voted to raise the debt ceiling, avoiding people’s concern that the United States, the world’s largest economy, may fall into default for the first time. However, this will only postpone the potential default date by about seven weeks, and the two parties in the United States will continue to fight over the debt ceiling

lawmakers must pass legislation on the spending bill before December 3, or the U.S. government will close

The risk of US debt default is delayed, but the two parties still “play a political game with the national wallet”(1)

[fierce quarrel and party struggle ready]

US Senate Republican leader McConnell recently wrote to Biden that he would not cooperate with Democrats to raise the debt limit again

but Democratic speaker of the house of Representatives Pelosi said she hoped that the two parties could reach a solution to the debt ceiling in the future

Pelosi said at a regular press conference that the Democratic Party’s proposal allows the Treasury to raise the debt ceiling, and Congress has the ability to veto it, which is “desirable”

she also reiterated that Democrats do not want to use the procedural means of so-called “legislative consultation” to raise the debt limit. If the Republicans continue to refuse to cooperate, the process of legislative negotiation will allow the Democrats to raise the debt limit with 51 affirmative votes without complying with the 60 votes stipulated in the Senate obstruction rules of procedure

it is reported that the US Senate voted last week to raise the debt ceiling. Before the current era of fierce party struggle, such voting was only routine work, but now it has evolved into fierce quarrels

The risk of US debt default is delayed, but the two parties still “play a political game with the national wallet”(2)

[the debt ceiling dispute is closely related to the election]

the Republicans tried to link this move with Biden’s goals. Biden’s goal is to support infrastructure and social services through trillions of dollars of bills while fighting climate change

Pelosi said she was optimistic that Democrats could make adjustments “in time” to reduce the cost of their social policy plans. When asked whether Democrats could do this by October 31, she reiterated that she was “optimistic”

there are other signs that the Democratic Party may compromise. Progressive Democrats told reporters that most of them wanted to keep all the proposals in the trillions of dollars bill and shorten the time to cut its overall costs

it is reported that the months long debt ceiling dispute is closely related to the congressional election in November 2022, when Republicans are trying to obtain a majority in both houses of Congress

Democratic legislators worry that if Republicans resist future efforts to raise the debt ceiling, they will face political attacks in the coming year, accusing Democrats of fiscal dereliction of duty and ignoring the ballooning debt

but Democrats in turn accused Republicans of preferring to let the country default on its debt in order to score politically

it is reported that during the administration of former president trump, with the support of Democrats, the debt limit was raised three times. (end)