Pre -election game in "Defolt"

The current disputes of US President Barack Obama with Congress on the limit of public debt, in my opinion, are primarily associated with the election struggle. Republicans in the era of the presidency of George Bush Jr. Madly spent money. It is enough to recall that from President Bill Clinton they got a country with a budget surplus of $ 130 billion. A year later, they came to a deficit of 150 billion. Of course, it can be objected to this that it took a lot of money for a military operation in Iraq and the like. But before spending money on imperial ambitions, they must first be considered. Now the Republicans have lost power and have the majority only in the House of Representatives. President Obama remained to rake the consequences of the activities of the Republicans, as well as the exploits of the chairman of the federal reserve system Alan Grinspin and the “quantitative mitigation” process (the efforts of central banks to increase the share of funds available for lending), which continues to this day.

Obama should have finished softening. But, unfortunately, the elections are approaching, and in these conditions he was in a strange position: he is forced to defend the ideas of the Republicans of the Bush era, stating that it is necessary to increase the limit of public debt, which means that a large number of dollars are additionally thrown into circulation. And the Republicans now show off and say: no, enough. At the same time, there are more than enough arguments, although the current economic situation in the United States is the main result of their party in power, why the American people voted against them in favor of Obama. Now the Republicans insist that the limit is not necessary to increase, which means a reduction in government spending, that is, a deterioration in the positions of the current president before the elections.

From my point of view, this process will develop according to the obvious scenario. The fight will continue until the last moment, including with use during the controversy of the word "default". But at the last moment, the interests of the United States will still prevail, which in this situation require an increase in the limit, and the parties will find a common language: Obama will go to some concessions, some of the rooms of representatives. The question will be closed on this. So far, the Republicans agreed only to a slight increase in the limit, so that even before the elections, at the beginning of next year, Obama again had to achieve their consent to increase.

Thus, I do not see a serious risk for the global economy in the situation in the USA. Risk is possible only if one of the conflicting parties conducts some unexpected intrigue. If the parties do not agree, the president can approve the new limit, the constitution leaves such an opportunity for extreme cases.