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Reports are filtering in that US Congress has suspended the debt ceiling bill to 1 January 2025. The ink has not even dried on the bipartisan “tentative” deal to raise debt-ceiling, but given the long impasse preceding the agreement to suspend the bill, it is being viewed not only as a fragile move but also self-inflicted political brinkmanship that leaves the US greenback weakened and US national security threatened. The US corporate interests and the political elite on Capitol Hill have however breathed a sigh of relief that a potential politically catastrophic default on US debt repayments has been averted.
Vice-Chairperson, and Honorary Fellow, Institute of Chinese Studies, New Delhi; and, Associate Professor, Centre for Chinese and South East Asian Studies, School of Language, Literature, and Culture Studies, Jawaharlal Nehru University, New Delhi.
haidemeng@gmail.com
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