The US government is going to default for the first time in its history if Congress does not agree to raise the debt ceiling. As a result, the US will lose its triple-A credit rating and the whole world will lose confidence in the US dollar. Undoubtedly, the US default will have a great impact on the world’s economy and will send the world’s stock market plunging because US is the number one economy in the world and is the issuer of the world’s dominant currency.
For past few weeks, we have seen Washington playing the chicken game – republicans and democrats wrangling with each other for their own interests. Although most democrats and republicans agreed on reducing national debt and avoiding default, they disagree on the length of time to keep the debt ceiling in place. Republicans are calculating how to undermine the current administration and to make sure that the White House is going to change hand next year. So, they want to limit the debt ceiling for half a year, which means politicians in Washington, will fight again in six months. The whole world will watch Washington plunge into crisis again. However, democrats want to extend the debt ceiling beyond next year’s election to make sure there is no fight over the same issue before the next election. They want to make our economy move again that they will have a better chance to retain the White House, and possibly take back the House next year. Such a political brinkmanship is dangerously irresponsible.
As an ordinary citizen, I am very disappointed the politicians in Washington are so polarized. The two major parties have gridlocked on all major issues that our country is facing now and lost common sense. The US is no longer the superpower if politicians cannot find common ground to help our country to get out of this crisis.