Republican leaders in Congress postponed to yesterday a vote on their bill to prevent a US debt default, deepening the crisis over stalled efforts to keep the world’s biggest economy from running out of cash.
Just five days before Tuesday’s deadline when the US Treasury says it will run out of funds, red-faced Republicans late on Thursday were forced to scuttle a vote on a House of Representatives bill to avert a potentially disastrous debt default.
House Speaker John Boehner was dealt an embarrassing blow over the delay caused by insufficient support for the measure from several members of his restive Republican caucus.
Facing stiffer-than-expected resistance from unruly conservative “Tea Party” lawmakers to the measure, Republicans said late on Thursday that they would wait a day before trying to hold a vote on it.
Reports said Republicans would try to make revisions to the bill to garner more support for what was just the latest in a long list of 11th-hour efforts to keep the US government solvent.
Boehner met one-by-one during the course of the day with Republican lawmakers to shore up support for his two-step plan to raise the US$14.3 trillion debt ceiling enough to avert default for at least six months. However, several of his fellow party members dug in their heels.
Boehner is “asking for my vote,” Representative Louie Gohmert said as he emerged after an arm-twisting session with the top House Republican.
“I’m still where I was before. I’m still a bloodied-and-beaten ‘no,’” Gohmnert said.
Markets around the world remained on edge yesterday, on fears that a fragile economic recovery nurtured since the 2008 global financial crisis could be at risk if the US fails to reach a deal to avert a potentially cataclysmic debt default.
In Asia, Tokyo ended 0.69 percent, or 68.32 points, lower at 9,833.03, while Sydney lost 0.88 percent, or 39.2 points, to close at 4,424.6 and Seoul shed 1.05 percent, or 22.64 points, to close at 2,133.21.
Meanwhile, IMF chief Christine Lagarde warned on Thursday that failure to resolve the debt crisis would likely raise “doubts” about the US dollar’s status as the world’s prime reserve currency.
“It would probably entail a decline of the dollar relative to other currencies, and probably doubts in the mind of those people who reserve currencies as to whether the dollar is effectively the ultimate and prime currency of reserve,” she told PBS television in an interview.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from