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.
- Lianghui Quotes: March 12
- In Wednesday's Papers: 19 Domestic Insurers Affected by Missing Flight, First Audit of Gov't Land Sales Due Early Next Year
- Caixin Explains: What Are E-Credit Cards and How Do They Work?
- Private Banks in Pilot Will Have Four Models to Choose From
- MH370 Co-Pilot
- The Best Way for China to Address Terrorism
- Keep Expectations for NDRC Reform Limited
- Lianghui Quotes: March 11
- In Tuesday's Papers: Interest Rates Freed within Two Years, PBOC Head Says; Legislators Mull Creating Anti-Terror Law
- Closer Look: JD.com, Tencent Both Have to Like their Big Deal
- Sign up to receive our free daily newsletter
- Eyes on the Prize
- Li Ka-shing's Remedy for 'Coddled' HK
- Zhou Family Was Influential in Jiangsu City before Corruption Inquiry
- Jilted U.S. Investors and Debtors on the Run
- Caixin Explains: The 'Lianghui' Meetings
- Caixin Explains: How MH370 Should Have Been Able to Send Emergency Message
- China to Grow at 7.5 Pct and Focus on Reforms, Premier Says
- U.S. Economy, Regulatory Approach Reaching Higher Ground, Policy Veteran Volcker Says
- Li Ka-shing: Continued Progress Depends on Embracing Technology
- Graphics: Rich Representatives