U.S. Debt: A Game of Chicken

Americans call this the “game of chicken” (“jeu du poulet,” which can also be translated as the “game of the sissy”), and it’s what can still be seen this weekend in Washington. The goal of the game? To see who will be the first to give in and avoid a collective disaster. The issue this time around? The collapse of the U.S. state, nonetheless, announced Aug. 2. If the men refuse to recognize that, yes, they fear defaulting payment, they must do everything to avoid it.

A J-3 means only a few hours before the United States is forced into defaulting payment. The House of Representatives and the Senate have yet to devote their energy into voting on some “plans” they know in advance to forbid. After several days of effort and negotiations, Republican Speaker of the House John Boehner had passed a “plan” Friday evening, which forecasts an increase of two times the maximum debt and therefore, recreates exactly the same problem a few months from now. As he had announced beforehand, the Senate (majority Democrats) had kept this plan as such. In “retaliation,” the House (majority Republicans) in turn rejected a plan proposed by the Senate.

Why so much self-destruction? Primarily to undermine the opposing party in preparation for the next presidential campaign: The Republicans carry on the crisis to show that the Obama presidency is only made up of indecision, chaos and budget spills. Far from being outdone, the Democrats, as well as the Republicans, push the blame to exacerbate their tensions with the tea party. They show that they are going as far as putting the entire U.S. economy in danger with their zealous anti-Obama campaign.

Furthermore, the “insiders” of the little Washingtonian game want believers in spite of everything: Parallel to this “game of chicken,” negotiations continue behind the scenes to enable the passage of a compromise by Tuesday. It’s possible that one will have a strong cue by Monday morning even to reassure the open markets finding this game a bit dangerous.