註：我本人希望縮減聯邦預算和赤字，但不應該賴賬不還。

金融時報：https://www.ft.com/content/12ff8ac9-579a-44ab-a2e9-95093ecc5921

US debt crisis:

Joe Biden gets the deal done but at a cost

（谷歌翻譯）：

喬·拜登 (Joe Biden) 試圖充分利用周六晚些時候與共和黨眾議院議長凱文·麥卡錫 (Kevin McCarthy) 談判達成的財政休戰協議，旨在防止美國債務在一周多一點的時間裡發生潛在的毀滅性違約。 “該協議代表了一種妥協，這意味着並不是每個人都能得到他們想要的，”美國總統說。 “這是執政的責任。” 雖然該協議將鞏固拜登在兩黨交易方面的聲譽，但它是有代價的。 幾個月來，他一直懇求國會不戰而降地提高該國 31.4 萬億美元的借款限額，結果卻被捲入華盛頓瘋狂的預算談判，迫使他縮短了亞洲之行。 許多民主黨人——尤其是最左翼的民主黨人——對本周達成的協議條款越來越不滿，擔心他提供了太多讓步。 “我認為白宮正在努力做好工作，總統的心意肯定是正確的，”來自羅德島州的民主黨參議員謝爾登懷特豪斯在交易前表示。 “問題是，當你和一個拿着手榴彈的狂熱分子談判時，情況會變得非常危險。” 該協議在麥卡錫和拜登周六晚上的電話中敲定。 共和黨眾議院議長在晚上 9 點過後不久在拜登之前宣布了這一消息，並發布了一條切入點的 Twitter 帖子。 “我剛剛和總統通了電話，”麥卡錫寫道。 “在他浪費時間並拒絕談判數月之後，我們原則上達成了一項對得起美國人民的協議。” 拜登在承認協議中的一些失敗的同時，也取得了一些政策上的勝利。 共和黨人提議提高債務上限，持續一年，並實施十年的支出限制。 最終，拜登確保在下屆總統大選之前提高借款限額。 非國防支出在 2024 財年將大致持平，然後在下一年增長 1%。 拜登的國防預算請求將保持不變。 隨着本周交易細節的公布，穆迪分析公司首席經濟學家馬克贊迪表示，這不會對經濟造成重大打擊。 贊迪說：“我們估計，在 2024 年底的影響達到頂峰時，它將減少超過 120,000 個就業崗位。” “由於經濟脆弱且衰退風險很高，這不是實施財政緊縮的最佳時機，但這是可控的。” 與麥卡錫達成最終協議需要拜登的信心飛躍，即共和黨議長將能夠在眾議院投票時提供通過該法案所需的支持，可能是在周三。 雖然眾議院的其他共和黨領導人和黨內溫和派可能會接受這項協議，但最大的威脅來自憤怒的保守派，他們認為麥卡錫過多地淡化了他們最初的提議。 德克薩斯州眾議院共和黨人奇普·羅伊 (Chip Roy) 周六晚上發推文說：“我不喜歡目前從啦啦隊中了解到的‘交易’。” 科羅拉多州共和黨人肯·巴克表示，他“對放棄債務上限感到震驚”。 受到推崇的 遠景美國預算 赤字有時很重要 “最重要的是，美國將在 2025 年 1 月背負 35 萬億美元的債務。這是完全不可接受的，”巴克在推特上寫道。

Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach ofFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.
https://www.ft.com/content/12ff8ac9-579a-44ab-a2e9-95093ecc5921

Joe Biden tried to make the best of the fiscal truce he negotiated with Republican House speaker Kevin McCarthy late on Saturday, designed to prevent a potentially devastating default on US debt in little more than a week. “The agreement represents a compromise, which means not everyone gets what they want,” the US president said. “That’s the responsibility of governing.” While the pact will cement Biden’s reputation for bipartisan dealmaking, it comes at a cost. For months he had pleaded for Congress to raise the country’s $31.4tn borrowing limit without a fight, only to be drawn into frenzied budget negotiations in Washington that forced him to cut short a trip to Asia. Many Democrats — particularly those furthest to the left — have grown increasingly unhappy about the terms of the deal as it came together this week, worrying that he was offering too many concessions. “I think the White House is trying to do a good job and the president’s heart is certainly in the right place,” said Sheldon Whitehouse, the Democratic senator from Rhode Island, ahead of the deal. “The question is, when you’re negotiating with a fanatic who has a hand grenade, the situation can get very precarious.” The agreement was sealed in a phone call on Saturday evening between McCarthy and Biden. The Republican House speaker announced it before Biden, shortly after 9pm, with a cutting Twitter post. “I just got off the phone with the president a bit ago,” McCarthy wrote. “After he wasted time and refused to negotiate for months, we’ve come to an agreement in principle that is worthy of the American people.” Biden was able to notch up some policy wins along with conceding some defeats in the pact. Republicans had proposed a rise in the debt limit lasting one year, with spending restrictions in place for a decade. In the end, Biden secured an increase in the borrowing limit until after the next presidential election. Non-defence spending will be roughly flat in the fiscal year 2024 then rise by 1 per cent in the following year. Biden’s defence budget request will remain intact. As details of the deal emerged this week, Mark Zandi, chief economist at Moody’s Analytics, said it would not deliver a major blow to the economy. “We estimate it will reduce employment by just over 120,000 at the peak of the impact in late 2024,” Zandi said. “Not the greatest timing for fiscal restraint as the economy is fragile and recession risks are high, but it is manageable.” Finalising the agreement with McCarthy required a leap of faith on Biden’s part that the Republican speaker would be able to deliver the support needed to pass the bill when it comes to a vote on the House floor, probably on Wednesday. While other Republican leaders and party moderates in the House are likely to embrace the deal, the biggest threat comes from angry conservatives who believe McCarthy watered down their initial proposal too much. “I do not like the ‘deal’ as I understand it from the cheerleading so far,” Chip Roy, the Texas House Republican, tweeted on Saturday night. Ken Buck, a Colorado Republican, said he was “appalled by the debt ceiling surrender”. Recommended The Long ViewUS budget Deficits can matter, sometimes “The bottom line is that the US will have $35tn of debt in January 2025. That is completely unacceptable,” Buck wrote on Twitter.

================

註：我本人希望縮減聯邦預算和赤字，但不應該賴賬不還。

金融時報：https://www.ft.com/content/12ff8ac9-579a-44ab-a2e9-95093ecc5921

US debt crisis:

Joe Biden gets the deal done but at a cost

（谷歌翻譯）：

喬·拜登 (Joe Biden) 試圖充分利用周六晚些時候與共和黨眾議院議長凱文·麥卡錫 (Kevin McCarthy) 談判達成的財政休戰協議，旨在防止美國債務在一周多一點的時間裡發生潛在的毀滅性違約。 “該協議代表了一種妥協，這意味着並不是每個人都能得到他們想要的，”美國總統說。 “這是執政的責任。” 雖然該協議將鞏固拜登在兩黨交易方面的聲譽，但它是有代價的。 幾個月來，他一直懇求國會不戰而降地提高該國 31.4 萬億美元的借款限額，結果卻被捲入華盛頓瘋狂的預算談判，迫使他縮短了亞洲之行。 許多民主黨人——尤其是最左翼的民主黨人——對本周達成的協議條款越來越不滿，擔心他提供了太多讓步。 “我認為白宮正在努力做好工作，總統的心意肯定是正確的，”來自羅德島州的民主黨參議員謝爾登懷特豪斯在交易前表示。 “問題是，當你和一個拿着手榴彈的狂熱分子談判時，情況會變得非常危險。” 該協議在麥卡錫和拜登周六晚上的電話中敲定。 共和黨眾議院議長在晚上 9 點過後不久在拜登之前宣布了這一消息，並發布了一條切入點的 Twitter 帖子。 “我剛剛和總統通了電話，”麥卡錫寫道。 “在他浪費時間並拒絕談判數月之後，我們原則上達成了一項對得起美國人民的協議。” 拜登在承認協議中的一些失敗的同時，也取得了一些政策上的勝利。 共和黨人提議提高債務上限，持續一年，並實施十年的支出限制。 最終，拜登確保在下屆總統大選之前提高借款限額。 非國防支出在 2024 財年將大致持平，然後在下一年增長 1%。 拜登的國防預算請求將保持不變。 隨着本周交易細節的公布，穆迪分析公司首席經濟學家馬克贊迪表示，這不會對經濟造成重大打擊。 贊迪說：“我們估計，在 2024 年底的影響達到頂峰時，它將減少超過 120,000 個就業崗位。” “由於經濟脆弱且衰退風險很高，這不是實施財政緊縮的最佳時機，但這是可控的。” 與麥卡錫達成最終協議需要拜登的信心飛躍，即共和黨議長將能夠在眾議院投票時提供通過該法案所需的支持，可能是在周三。 雖然眾議院的其他共和黨領導人和黨內溫和派可能會接受這項協議，但最大的威脅來自憤怒的保守派，他們認為麥卡錫過多地淡化了他們最初的提議。 德克薩斯州眾議院共和黨人奇普·羅伊 (Chip Roy) 周六晚上發推文說：“我不喜歡目前從啦啦隊中了解到的‘交易’。” 科羅拉多州共和黨人肯·巴克表示，他“對放棄債務上限感到震驚”。 受到推崇的 遠景美國預算 赤字有時很重要 “最重要的是，美國將在 2025 年 1 月背負 35 萬億美元的債務。這是完全不可接受的，”巴克在推特上寫道。

Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach ofFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.
https://www.ft.com/content/12ff8ac9-579a-44ab-a2e9-95093ecc5921

Joe Biden tried to make the best of the fiscal truce he negotiated with Republican House speaker Kevin McCarthy late on Saturday, designed to prevent a potentially devastating default on US debt in little more than a week. “The agreement represents a compromise, which means not everyone gets what they want,” the US president said. “That’s the responsibility of governing.” While the pact will cement Biden’s reputation for bipartisan dealmaking, it comes at a cost. For months he had pleaded for Congress to raise the country’s $31.4tn borrowing limit without a fight, only to be drawn into frenzied budget negotiations in Washington that forced him to cut short a trip to Asia. Many Democrats — particularly those furthest to the left — have grown increasingly unhappy about the terms of the deal as it came together this week, worrying that he was offering too many concessions. “I think the White House is trying to do a good job and the president’s heart is certainly in the right place,” said Sheldon Whitehouse, the Democratic senator from Rhode Island, ahead of the deal. “The question is, when you’re negotiating with a fanatic who has a hand grenade, the situation can get very precarious.” The agreement was sealed in a phone call on Saturday evening between McCarthy and Biden. The Republican House speaker announced it before Biden, shortly after 9pm, with a cutting Twitter post. “I just got off the phone with the president a bit ago,” McCarthy wrote. “After he wasted time and refused to negotiate for months, we’ve come to an agreement in principle that is worthy of the American people.” Biden was able to notch up some policy wins along with conceding some defeats in the pact. Republicans had proposed a rise in the debt limit lasting one year, with spending restrictions in place for a decade. In the end, Biden secured an increase in the borrowing limit until after the next presidential election. Non-defence spending will be roughly flat in the fiscal year 2024 then rise by 1 per cent in the following year. Biden’s defence budget request will remain intact. As details of the deal emerged this week, Mark Zandi, chief economist at Moody’s Analytics, said it would not deliver a major blow to the economy. “We estimate it will reduce employment by just over 120,000 at the peak of the impact in late 2024,” Zandi said. “Not the greatest timing for fiscal restraint as the economy is fragile and recession risks are high, but it is manageable.” Finalising the agreement with McCarthy required a leap of faith on Biden’s part that the Republican speaker would be able to deliver the support needed to pass the bill when it comes to a vote on the House floor, probably on Wednesday. While other Republican leaders and party moderates in the House are likely to embrace the deal, the biggest threat comes from angry conservatives who believe McCarthy watered down their initial proposal too much. “I do not like the ‘deal’ as I understand it from the cheerleading so far,” Chip Roy, the Texas House Republican, tweeted on Saturday night. Ken Buck, a Colorado Republican, said he was “appalled by the debt ceiling surrender”. Recommended The Long ViewUS budget Deficits can matter, sometimes “The bottom line is that the US will have $35tn of debt in January 2025. That is completely unacceptable,” Buck wrote on Twitter.

============

註：我本人希望縮減聯邦預算和赤字，但不應該賴賬不還。

金融時報：https://www.ft.com/content/12ff8ac9-579a-44ab-a2e9-95093ecc5921

US debt crisis:

Joe Biden gets the deal done but at a cost

（谷歌翻譯）：

喬·拜登 (Joe Biden) 試圖充分利用周六晚些時候與共和黨眾議院議長凱文·麥卡錫 (Kevin McCarthy) 談判達成的財政休戰協議，旨在防止美國債務在一周多一點的時間裡發生潛在的毀滅性違約。 “該協議代表了一種妥協，這意味着並不是每個人都能得到他們想要的，”美國總統說。 “這是執政的責任。” 雖然該協議將鞏固拜登在兩黨交易方面的聲譽，但它是有代價的。 幾個月來，他一直懇求國會不戰而降地提高該國 31.4 萬億美元的借款限額，結果卻被捲入華盛頓瘋狂的預算談判，迫使他縮短了亞洲之行。 許多民主黨人——尤其是最左翼的民主黨人——對本周達成的協議條款越來越不滿，擔心他提供了太多讓步。 “我認為白宮正在努力做好工作，總統的心意肯定是正確的，”來自羅德島州的民主黨參議員謝爾登懷特豪斯在交易前表示。 “問題是，當你和一個拿着手榴彈的狂熱分子談判時，情況會變得非常危險。” 該協議在麥卡錫和拜登周六晚上的電話中敲定。 共和黨眾議院議長在晚上 9 點過後不久在拜登之前宣布了這一消息，並發布了一條切入點的 Twitter 帖子。 “我剛剛和總統通了電話，”麥卡錫寫道。 “在他浪費時間並拒絕談判數月之後，我們原則上達成了一項對得起美國人民的協議。” 拜登在承認協議中的一些失敗的同時，也取得了一些政策上的勝利。 共和黨人提議提高債務上限，持續一年，並實施十年的支出限制。 最終，拜登確保在下屆總統大選之前提高借款限額。 非國防支出在 2024 財年將大致持平，然後在下一年增長 1%。 拜登的國防預算請求將保持不變。 隨着本周交易細節的公布，穆迪分析公司首席經濟學家馬克贊迪表示，這不會對經濟造成重大打擊。 贊迪說：“我們估計，在 2024 年底的影響達到頂峰時，它將減少超過 120,000 個就業崗位。” “由於經濟脆弱且衰退風險很高，這不是實施財政緊縮的最佳時機，但這是可控的。” 與麥卡錫達成最終協議需要拜登的信心飛躍，即共和黨議長將能夠在眾議院投票時提供通過該法案所需的支持，可能是在周三。 雖然眾議院的其他共和黨領導人和黨內溫和派可能會接受這項協議，但最大的威脅來自憤怒的保守派，他們認為麥卡錫過多地淡化了他們最初的提議。 德克薩斯州眾議院共和黨人奇普·羅伊 (Chip Roy) 周六晚上發推文說：“我不喜歡目前從啦啦隊中了解到的‘交易’。” 科羅拉多州共和黨人肯·巴克表示，他“對放棄債務上限感到震驚”。 受到推崇的 遠景美國預算 赤字有時很重要 “最重要的是，美國將在 2025 年 1 月背負 35 萬億美元的債務。這是完全不可接受的，”巴克在推特上寫道。

Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach ofFT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.
https://www.ft.com/content/12ff8ac9-579a-44ab-a2e9-95093ecc5921

Joe Biden tried to make the best of the fiscal truce he negotiated with Republican House speaker Kevin McCarthy late on Saturday, designed to prevent a potentially devastating default on US debt in little more than a week. “The agreement represents a compromise, which means not everyone gets what they want,” the US president said. “That’s the responsibility of governing.” While the pact will cement Biden’s reputation for bipartisan dealmaking, it comes at a cost. For months he had pleaded for Congress to raise the country’s $31.4tn borrowing limit without a fight, only to be drawn into frenzied budget negotiations in Washington that forced him to cut short a trip to Asia. Many Democrats — particularly those furthest to the left — have grown increasingly unhappy about the terms of the deal as it came together this week, worrying that he was offering too many concessions. “I think the White House is trying to do a good job and the president’s heart is certainly in the right place,” said Sheldon Whitehouse, the Democratic senator from Rhode Island, ahead of the deal. “The question is, when you’re negotiating with a fanatic who has a hand grenade, the situation can get very precarious.” The agreement was sealed in a phone call on Saturday evening between McCarthy and Biden. The Republican House speaker announced it before Biden, shortly after 9pm, with a cutting Twitter post. “I just got off the phone with the president a bit ago,” McCarthy wrote. “After he wasted time and refused to negotiate for months, we’ve come to an agreement in principle that is worthy of the American people.” Biden was able to notch up some policy wins along with conceding some defeats in the pact. Republicans had proposed a rise in the debt limit lasting one year, with spending restrictions in place for a decade. In the end, Biden secured an increase in the borrowing limit until after the next presidential election. Non-defence spending will be roughly flat in the fiscal year 2024 then rise by 1 per cent in the following year. Biden’s defence budget request will remain intact. As details of the deal emerged this week, Mark Zandi, chief economist at Moody’s Analytics, said it would not deliver a major blow to the economy. “We estimate it will reduce employment by just over 120,000 at the peak of the impact in late 2024,” Zandi said. “Not the greatest timing for fiscal restraint as the economy is fragile and recession risks are high, but it is manageable.” Finalising the agreement with McCarthy required a leap of faith on Biden’s part that the Republican speaker would be able to deliver the support needed to pass the bill when it comes to a vote on the House floor, probably on Wednesday. While other Republican leaders and party moderates in the House are likely to embrace the deal, the biggest threat comes from angry conservatives who believe McCarthy watered down their initial proposal too much. “I do not like the ‘deal’ as I understand it from the cheerleading so far,” Chip Roy, the Texas House Republican, tweeted on Saturday night. Ken Buck, a Colorado Republican, said he was “appalled by the debt ceiling surrender”. Recommended The Long ViewUS budget Deficits can matter, sometimes “The bottom line is that the US will have $35tn of debt in January 2025. That is completely unacceptable,” Buck wrote on Twitter.