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.