RepublicanHouseSpeakerKevinMcCarthyspeakstothepressafterahigh-profiledebtceilingmeetinginWashington,D.C.,theUnitedStates,May9,2023.(PhotobyAaronSchwartz/Xinhua)

AnswerstothefollowingfourquestionsmayprovidesomeinsightforothercountriesaroundtheworldintohowtoavoidfallingvictimtothespillovereffectsoftheU.S.debtcrisis.

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BEIJING,June2(Xinhua)--TheU.S.Congress"spassageofthedebtceilingbilllateThursday,justdaysbeforealoomingdefaultdeadline,mighthavecomeasarespiteforglobalinvestors.

ButasthetwopartiesoftheUnitedStatesroutinelyengageinpoliticalshowdownsoverthedebtceiling,theperiodicU.S.debtcrisishasbecomea"grayrhino"threateningglobaleconomicandfinancialsecurity.

AnswerstothefollowingfourquestionsmayprovidesomeinsightforothercountriesaroundtheworldintohowtoavoidfallingvictimtothespillovereffectsoftheU.S.debtcrisis.

Q1:WhydoesAmericarepeatedlyraisethedebtceiling?

TheU.S.governmenthasmodifieditsdebtceiling103timessince1945.Federaldebthassoaredfrom3.2trillionU.S.dollarsin1990toover31.4trillionthisyear,accountingformorethan120percentofitsannualgrossdomesticproduct(GDP),accordingtotheU.S.TreasuryDepartment.

Thedebtceiling,ortheU.S.TreasuryDepartment"s"creditlimit,"isthemaximumamountofdebtsetbytheU.S.Congressforthefederalgovernmenttofulfillpaymentobligations.

Whencreatedin1917,thedebtceilingwasdesignedtokeeparegularcheckongovernmentspendingandcontroldebtgrowth,butinrecentyears,ithasbecomemoreofaroutinetopicinpartisanfightsbetweenDemocratsandRepublicans.

Withthepartisandividewideninginrecentyears,adebtceilingdramahasrepeatedlybeenstagedinWashington.

Lawmakersfromdifferentpartiesuselast-minutenegotiationstopushformorepoliticalgains,butneithersideisconcernedwiththeconsequenceoframpantborrowing.

Normally,aftermonthsofplayingagameofchicken,theywouldeventuallycometoanagreementonraisingthedebtceiling,whichexplainstherootcauseofAmerica"sdebtproblem:Inatwo-partysystem,bothpartieswanttospendmoremoneytowoovotes.

WhilereininginthedebtgrowthwillbenefittheU.S.economyinthelongrun,noadministrationorpartywantstoupsetvoterswithfundingcutsortaxincreases,thusdrivingupdebttoanunprecedentedscale.

Itisdifficulttofullyassignresponsibilitytoindividualpresidentsorpartiesfortotallevelsofdebt,accordingtoarecentreportbyTheNewYorkTimes.

Thereportestimatesthatdebtgrewby12.7trilliondollarsunderformerU.S.PresidentsGeorgeW.BushandDonaldTrump,bothRepublicans;andby13trillionduringtheDemocraticadministrationsofBarackObamaandJoeBiden.

RepublicanHouseSpeakerKevinMcCarthyexitstheWhiteHouseafterahigh-profiledebtceilingmeetinginWashington,D.C.,theUnitedStates,May9,2023.(PhotobyAaronSchwartz/Xinhua)

Q2:HowdoesAmericaaccumulateitsdebt?

AccordingtotheU.S.CongressionalBudgetOffice,theU.S.budgetdeficitreached1.1trilliondollarsinthefirsthalfofthe2023fiscalyear(October2022toOctober2023),anincreaseof430billiondollarscomparedwiththesameperiodofthepreviousfiscalyear.

Theoutlayswere13percenthigherandrevenueswere3percentlowerthanduringthesameperiodinthefiscalyearof2022.

Fornearlyhalfacentury,theUnitedStateshasbeenspendingbeyonditsmeans,leadingtocontinuousaccumulationandexpansionoffederaldebt.Manyfinancialresourceshavebeenwastedonlytopleasesomespecialinterestgroups.

Militaryspendingaccountsforthelion"sshare.DatafromarecentreportbyStatista,amarketresearchfirm,showedthatU.S.militaryspendinghascontinuedtoclimbsince2015,reachingmorethan800billiondollarsin2023.Thatfigureisexpectedtorisetoabout998billionby2032.

Americanpoliticiansoftencurryfavorwithvotersbythrowingmoneyatthem,andlavishexcessmoneyonwelfareandhealthcaresystems.Butinsteadoffundingtheseadditionalexpendituresthroughfiscalreform,theyhopetokeepborrowing.

Withsuchagargantuanamountofdebt,interestexpensealonehasbecomealong-termfinancialburdenfortheU.S.federalgovernment.ThelatestfiguresfromtheCongressionalBudgetOfficeshowthatinthefirsthalfoffiscal2023,U.S.interestpaymentsonitsnationaldebtincreasedby90billiondollarscomparedwiththesameperiodlastyear.

Q3:Whyhasn"tAmericagonebankrupt?

IfacompanyhasborrowedasmuchastheUnitedStates,itwouldhavegonebankrupt.ThefactthatAmericastillcontinuestoborrowrecklesslyandhasn"tgonebankruptisaresultofdollarhegemony.

Asthedominantglobalreservecurrency,theU.S.dollarstillaccountsfornearly60percentofinternationalreserves,androughly40percentintheglobalpaymentsystem.

Duetothehegemonyofthedollar,U.S.Treasurybonds,withtheirsafetyandliquidity,arewidelyconsideredsafe-havenassets.

"TheUnitedStatesgovernment...borrowsinitsowncurrency.ThismeansthattheFederalReservecanalwaysprintmoneytoprovidethedollarstomakepaymentstotheU.S.government"screditors,"DesmondLachman,aseniorfellowattheAmericanEnterpriseInstituteandaformerofficialattheInternationalMonetaryFund(IMF),toldXinhua.

FilippoGori,aneconomistattheOrganizationforEconomicCooperationandDevelopment,saidinanarticleonForeignAffairsthattheUnitedStates"derivestremendousgeopoliticalpowerfromthedollar"sstatusastheworld"sleadingcurrency."

"BecausemostinternationaltradeisinU.S.dollars,theUnitedStatescanprintmoneytopayforgoodsthatitbuysfromabroad,allowingittofinancealargeinternationaltradedeficitwithouthavingtoworrythatitwillrunoutofcash,"saidGori.

TheverylowcostoffinancinghasmadeAmericaincreasinglyaddictedtoborrowing.

Besides,manybelievethattheUnitedStates,withitsprintingpress,willneverdefaultonitsdebts,andthusareunwillingtocutthemselvesofffromtheU.S.debtmarketintheshortterm.

GuoShengxiang,anAustralianeconomist,saidthatitwasthis"toobigtofail"advantagethatledtothestrangephenomenonoftheUnitedStatesbeing"insolvent"butnotbankrupt.

U.S.PresidentJoeBidenispicturedduringaneventattheWhiteHouseinWashington,D.C.,theUnitedStates,April24,2023.(PhotobyAaronSchwartz/Xinhua)

Q4:HowdoestheworldcopewithAmerica"sdebtcrisis?

Overtheyears,bytakingadvantageofdollarhegemony,theUnitedStateshasbeenplunderingtheworldandshiftingitsdomesticcrisistoothercountries.

AsasymptomoftheU.S.debtcrisis,thepoliticalfarceofthedebtceilingonceagainexposedhowdollarhegemonyandU.S.partisanstrugglecouldwreakhavocontheworld.

"Aseveredebt-ceilingcrisiscouldcausemuchoftheworldtostoptrustingthecurrency,acceleratingtheendofitsinternationalsupremacyand,withit,theseprivileges,"Gorisaid.

Inrecentyears,theUnitedStateshasabuseditsdollarhegemony,andweaponizedtheinternationalfinancialinfrastructure,makingmorecountriesvigilant.

Tode-riskfromdollarhegemony,somecountrieshavebeenexploringthepathof"de-dollarization"bydiversifyingcurrencyreservesandestablishinglocalcurrencysettlementmechanisms.

DatafromtheIMFhavealreadyshownthatwhilethedollarremainsdominantfornow,itsshareinglobalforeignexchangereserveshaddeclinedfromover70percentin1999to58.36percentbytheendof2022.

Atleast16countriesaroundtheworldsoldTreasuriesinJanuary.ThelistofsellersincludesevensomecloseU.S.allies.

Thedollarisalsobeingreplacedinglobalpaymentandsettlementsystems.Recently,BrazilianPresidentLuizInacioLuladaSilvacalledforBRICScountriestosettleintheirowncurrencies.IndiaandMalaysiaannouncedthesettlementoftradeinIndianrupees;membersoftheAssociationofSoutheastAsianNations(ASEAN)alsodiscussedthepossibilityofcuttingtheirrelianceonthedollar.

DatafromtheSocietyforWorldwideInterbankFinancialTelecommunicationshowedthatthedollar"sshareintheglobalpaymentsystemhassteadilydeclinedinrecentyears.

AftertheoutbreakoftheUkrainecrisis,theUnitedStatesimplementedfinancialsanctionsagainstRussia,includingfreezingRussia"sforeignexchangereservesandcuttingofftheinternationalbusinessofRussiancommercialbanks.ThesemoveshavefurtherraisedglobalalarmabouttheU.S.-dominatedfinancialsystem.

"GiventheU.S.dollar"shegemonicstatus,itisdifficulttofindanimmediatereplacementofthedollar,"saidTurkisheconomistMahfiEgilmez.

"However,theprocessofeliminatingthedollar"sinfluencehasstartedandisgatheringmomentum,"Egilmezadded.

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