A Boiling Point for the U.S. Debt Ceiling
It must be hard for Chinese observers to understand the wrangling between the Congress and the Obama Administration over raising the U.S. debt ceiling. Well, they're not alone. It's hard for American observers to understand it too.
The situation reflects badly on everyone. The Republican Party is being held hostage by a Tea Party faction that opposes additional taxes at all cost. It would rather have the federal government's credit destroyed than see one additional penny of revenue. Even taxes on the use of private jets by corporate CEOs and on the carried interest of hedge fund managers are rejected as a matter of principle.
- Central Bank Cuts Benchmark Lending Rate
- A Passage to India
- Hike in Train Ticket Prices This Year 'Unlikely After All'
- Graphics: Sino-Australian Trade Deal
- Another Hebei Official Is Targeted by Corruption Investigators
- Closer Look: Gov't Wants Proactive Tax Policies, but Ends Up with a Problem
- China-U.S. Investment Treaty Would Strengthen Economic Relations
- Top Prosecutor's Office Plans New Body to Better Fight Corruption
- Exercise Caution
- Book: Living Karma: The Religious Practices of Ouyi Zhixu
- Sign up to receive our free daily newsletter
- Visa, MasterCard Confront China's Stacked Deck
- Chinese Developers' Projects in Malaysia Run into Series of Snags
- At Factory Waste Ponds, Fumes Choke Fantasies
- Some Shanghai FTZ Reform Ideas Introduced to Rest of Country
- The Low Official Found with Towering Pile of Cash, Gold and Properties
- Closer Look: Why Shanghai-Hong Kong Stock Connect Was One-Way Road
- Graft Busters Find another Cash Pile, but Family Denies Corruption
- Gov't Gives Academics Failing Grade for Fraud in Research Funding
- Closer Look: Sales Soar, but Alibaba Frets over Delivery, Time Zone Issues
- Canceled Mexican Rail Contract Gives Chinese Firms Chance to Reflect