Sunday, 21 May 2023
Biden faces unity overseas but division back home
It is now a familiar routine in American politics for the United States to be on the precipice of a massively damaging debt default position only to be saved at the last second by a deal which pleases noone.There were several such instances in previous administrations but this time the drama and potential negative consequences are so much greater. Thanks to the enormous sums of money paid out of federal funds to keep America afloat during the Covid pandemic as well as the extra financial burdens created by Russia's invasion of Ukraine, the US is today more than $30 trillion in debt - a staggering and unsustainable figure. Biden wants to lift the debt ceiling to help pay for the multiple domestic programmes he has introduced to cover all aspects of America's social and economic future and to create new industries and technologies which will help the save the planet from rapidly-changing climate conditions. The Republicans led by Kevin McCarthy, the House Speaker, have basically said "enough is enough, the country can no longer afford to maintain such a huge debt, let alone increase it and it's time to get the nation's finances back in shape". Their arguments are pretty sound and common sense but for Biden his whole legacy is at stake because the money-spending legislation he introduced was supposed to equip the US for a safer and more prosperous future. Biden is so upset at the Republicans' oposition that before leaving the G7 summit in Tokyo today he actually accused them of deliberately blocking his debt-ceiling request in order to stop him from winning another four years in the White House. As Robert Gates, the eminently wise and experienced former US defence secretary, said on US TV today, the country would be a darned sight better place if politicians in Washington learned to be civil to each other again. In other words, put country before partisan politics. There seems to be little hope of that, and so Biden will arrive back in Washington for more frantic negotiations and eventually just as the clock strikes, a deal will be done. It probably won't be a good deal for Biden and for his future prospects for the 2024 election.
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