注：我本人希望缩减联邦预算和赤字，但不应该赖账不还。

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

US debt crisis:

Joe Biden gets the deal done but at a cost

（谷歌翻译）：

乔·拜登 (Joe Biden) 试图充分利用周六晚些时候与共和党众议院议长凯文·麦卡锡 (Kevin McCarthy) 谈判达成的财政休战协议，旨在防止美国债务在一周多一点的时间里发生潜在的毁灭性违约。 “该协议代表了一种妥协，这意味着并不是每个人都能得到他们想要的，”美国总统说。 “这是执政的责任。” 虽然该协议将巩固拜登在两党交易方面的声誉，但它是有代价的。 几个月来，他一直恳求国会不战而降地提高该国 31.4 万亿美元的借款限额，结果却被卷入华盛顿疯狂的预算谈判，迫使他缩短了亚洲之行。 许多民主党人——尤其是最左翼的民主党人——对本周达成的协议条款越来越不满，担心他提供了太多让步。 “我认为白宫正在努力做好工作，总统的心意肯定是正确的，”来自罗德岛州的民主党参议员谢尔登怀特豪斯在交易前表示。 “问题是，当你和一个拿着手榴弹的狂热分子谈判时，情况会变得非常危险。” 该协议在麦卡锡和拜登周六晚上的电话中敲定。 共和党众议院议长在晚上 9 点过后不久在拜登之前宣布了这一消息，并发布了一条切入点的 Twitter 帖子。 “我刚刚和总统通了电话，”麦卡锡写道。 “在他浪费时间并拒绝谈判数月之后，我们原则上达成了一项对得起美国人民的协议。” 拜登在承认协议中的一些失败的同时，也取得了一些政策上的胜利。 共和党人提议提高债务上限，持续一年，并实施十年的支出限制。 最终，拜登确保在下届总统大选之前提高借款限额。 非国防支出在 2024 财年将大致持平，然后在下一年增长 1%。 拜登的国防预算请求将保持不变。 随着本周交易细节的公布，穆迪分析公司首席经济学家马克赞迪表示，这不会对经济造成重大打击。 赞迪说：“我们估计，在 2024 年底的影响达到顶峰时，它将减少超过 120,000 个就业岗位。” “由于经济脆弱且衰退风险很高，这不是实施财政紧缩的最佳时机，但这是可控的。” 与麦卡锡达成最终协议需要拜登的信心飞跃，即共和党议长将能够在众议院投票时提供通过该法案所需的支持，可能是在周三。 虽然众议院的其他共和党领导人和党内温和派可能会接受这项协议，但最大的威胁来自愤怒的保守派，他们认为麦卡锡过多地淡化了他们最初的提议。 德克萨斯州众议院共和党人奇普·罗伊 (Chip Roy) 周六晚上发推文说：“我不喜欢目前从啦啦队中了解到的‘交易’。” 科罗拉多州共和党人肯·巴克表示，他“对放弃债务上限感到震惊”。 受到推崇的 远景美国预算 赤字有时很重要 “最重要的是，美国将在 2025 年 1 月背负 35 万亿美元的债务。这是完全不可接受的，”巴克在推特上写道。

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.

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

注：我本人希望缩减联邦预算和赤字，但不应该赖账不还。

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

US debt crisis:

Joe Biden gets the deal done but at a cost

（谷歌翻译）：

乔·拜登 (Joe Biden) 试图充分利用周六晚些时候与共和党众议院议长凯文·麦卡锡 (Kevin McCarthy) 谈判达成的财政休战协议，旨在防止美国债务在一周多一点的时间里发生潜在的毁灭性违约。 “该协议代表了一种妥协，这意味着并不是每个人都能得到他们想要的，”美国总统说。 “这是执政的责任。” 虽然该协议将巩固拜登在两党交易方面的声誉，但它是有代价的。 几个月来，他一直恳求国会不战而降地提高该国 31.4 万亿美元的借款限额，结果却被卷入华盛顿疯狂的预算谈判，迫使他缩短了亚洲之行。 许多民主党人——尤其是最左翼的民主党人——对本周达成的协议条款越来越不满，担心他提供了太多让步。 “我认为白宫正在努力做好工作，总统的心意肯定是正确的，”来自罗德岛州的民主党参议员谢尔登怀特豪斯在交易前表示。 “问题是，当你和一个拿着手榴弹的狂热分子谈判时，情况会变得非常危险。” 该协议在麦卡锡和拜登周六晚上的电话中敲定。 共和党众议院议长在晚上 9 点过后不久在拜登之前宣布了这一消息，并发布了一条切入点的 Twitter 帖子。 “我刚刚和总统通了电话，”麦卡锡写道。 “在他浪费时间并拒绝谈判数月之后，我们原则上达成了一项对得起美国人民的协议。” 拜登在承认协议中的一些失败的同时，也取得了一些政策上的胜利。 共和党人提议提高债务上限，持续一年，并实施十年的支出限制。 最终，拜登确保在下届总统大选之前提高借款限额。 非国防支出在 2024 财年将大致持平，然后在下一年增长 1%。 拜登的国防预算请求将保持不变。 随着本周交易细节的公布，穆迪分析公司首席经济学家马克赞迪表示，这不会对经济造成重大打击。 赞迪说：“我们估计，在 2024 年底的影响达到顶峰时，它将减少超过 120,000 个就业岗位。” “由于经济脆弱且衰退风险很高，这不是实施财政紧缩的最佳时机，但这是可控的。” 与麦卡锡达成最终协议需要拜登的信心飞跃，即共和党议长将能够在众议院投票时提供通过该法案所需的支持，可能是在周三。 虽然众议院的其他共和党领导人和党内温和派可能会接受这项协议，但最大的威胁来自愤怒的保守派，他们认为麦卡锡过多地淡化了他们最初的提议。 德克萨斯州众议院共和党人奇普·罗伊 (Chip Roy) 周六晚上发推文说：“我不喜欢目前从啦啦队中了解到的‘交易’。” 科罗拉多州共和党人肯·巴克表示，他“对放弃债务上限感到震惊”。 受到推崇的 远景美国预算 赤字有时很重要 “最重要的是，美国将在 2025 年 1 月背负 35 万亿美元的债务。这是完全不可接受的，”巴克在推特上写道。

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.

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

注：我本人希望缩减联邦预算和赤字，但不应该赖账不还。

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

US debt crisis:

Joe Biden gets the deal done but at a cost

（谷歌翻译）：

乔·拜登 (Joe Biden) 试图充分利用周六晚些时候与共和党众议院议长凯文·麦卡锡 (Kevin McCarthy) 谈判达成的财政休战协议，旨在防止美国债务在一周多一点的时间里发生潜在的毁灭性违约。 “该协议代表了一种妥协，这意味着并不是每个人都能得到他们想要的，”美国总统说。 “这是执政的责任。” 虽然该协议将巩固拜登在两党交易方面的声誉，但它是有代价的。 几个月来，他一直恳求国会不战而降地提高该国 31.4 万亿美元的借款限额，结果却被卷入华盛顿疯狂的预算谈判，迫使他缩短了亚洲之行。 许多民主党人——尤其是最左翼的民主党人——对本周达成的协议条款越来越不满，担心他提供了太多让步。 “我认为白宫正在努力做好工作，总统的心意肯定是正确的，”来自罗德岛州的民主党参议员谢尔登怀特豪斯在交易前表示。 “问题是，当你和一个拿着手榴弹的狂热分子谈判时，情况会变得非常危险。” 该协议在麦卡锡和拜登周六晚上的电话中敲定。 共和党众议院议长在晚上 9 点过后不久在拜登之前宣布了这一消息，并发布了一条切入点的 Twitter 帖子。 “我刚刚和总统通了电话，”麦卡锡写道。 “在他浪费时间并拒绝谈判数月之后，我们原则上达成了一项对得起美国人民的协议。” 拜登在承认协议中的一些失败的同时，也取得了一些政策上的胜利。 共和党人提议提高债务上限，持续一年，并实施十年的支出限制。 最终，拜登确保在下届总统大选之前提高借款限额。 非国防支出在 2024 财年将大致持平，然后在下一年增长 1%。 拜登的国防预算请求将保持不变。 随着本周交易细节的公布，穆迪分析公司首席经济学家马克赞迪表示，这不会对经济造成重大打击。 赞迪说：“我们估计，在 2024 年底的影响达到顶峰时，它将减少超过 120,000 个就业岗位。” “由于经济脆弱且衰退风险很高，这不是实施财政紧缩的最佳时机，但这是可控的。” 与麦卡锡达成最终协议需要拜登的信心飞跃，即共和党议长将能够在众议院投票时提供通过该法案所需的支持，可能是在周三。 虽然众议院的其他共和党领导人和党内温和派可能会接受这项协议，但最大的威胁来自愤怒的保守派，他们认为麦卡锡过多地淡化了他们最初的提议。 德克萨斯州众议院共和党人奇普·罗伊 (Chip Roy) 周六晚上发推文说：“我不喜欢目前从啦啦队中了解到的‘交易’。” 科罗拉多州共和党人肯·巴克表示，他“对放弃债务上限感到震惊”。 受到推崇的 远景美国预算 赤字有时很重要 “最重要的是，美国将在 2025 年 1 月背负 35 万亿美元的债务。这是完全不可接受的，”巴克在推特上写道。

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.