For World’s Sake, Obama Must ‘Provide Leadership’ on U.S. Debt (The Yomiuri Shimbun, Japan)
Now that the White House and Congressional lawmakers have agreed to raise the debt ceiling, there is considerable concern in other nations about the bipartisan “super committee” that will be charged with the next round of budget cuts. According to this editorial from the Yomiuri Shimbun, Japanese are not only concerned that the lawmakers will be unable to agree, but that continuing disagreement will further weaken Japan’s post-earthquake recovery.
Given the complicated politics of the presidential election, we wonder whether the two sides will be able to agree on effective measures to cut the deficit. The pros and cons of tax increases will likely become a major bone of contention.
If negotiations devolve into acrimony with Republicans and Democrats locked in a tug-of-war – or if deficit-cutting measure end are judged insufficient – credit-rating agencies may still decide to downgrade U.S. government debt – raising fears of the impact on world markets.
The president must provide leadership and get the U.S.’ fiscal house in order. Both houses of Congress also have a very grave responsibility.
Meanwhile, the appreciation of the yen continues, with the currency in record ¥76 yen to the dollar territory, causing hardship for the Japanese economy.
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