The Debt Ceiling Crisis Is Taking a Lot of Negotiation

The US debt ceiling has been lifted 78 times since 1960 to allow the government to pay its bills and keep functioning. It is a big issue for the US economy, for the financial markets, for global financial markets. But because it is a domestic issue, President Joe Biden had to cancel his visit to Australia for the quad meeting with Japan and India. We could have gone ahead without the US, but kind of doing the quad without the US would be like, kind of going to a bucks party without the groom. And you've got then the Chinese ambassador in the last few days of the week to Australia, saying that our defense build up under the Orca's pact was not necessary because they