“美国国债危机”热词 中英对照
英文翻译次贷危机The US debt crisis
The US debt crisis, its triple-A credit （AAA）rating has been downgraded to (AA+).default on U.S. debtStandard and Poor's 标准普尔The U.S. averted a debt default Tuesday when President Barack Obama signed a bill raising the country's debt ceiling. But the debt deal might not be enough to maintain its coveted AAA debt rating, according to two credit rating agencies.On Tuesday, Fitch Ratings said the agreement to raise the debt ceiling and make spending cuts was an important first step but "not the end of the process." The rating agency said it wants to see a credible plan to reduce the budget deficit "to a level that would secure the United States''AAA' status."And late on Tuesday, Moody's Investors Service assigned a negative outlook to U.S. debt, but confirmed its AAA rating — for now. A negative outlook means the rating agency could lower the rating in the next 12 to 18 months. Moody's said that continued slow economic growth, higher interest rates could lead to a downgrade. Moody's also said weak fiscal discipline in the coming year could do the same.U.S. debt has held the AAA rating since 1917. Fewer than 20 countries are currently rated AAA. Among them: the United Kingdom, Australia, Germany and Singapore.Fitch expects to conclude its review of the U.S.'s debt rating by the end of August. Given the terms of the debt deal signed Tuesday, it is possible the U.S. debt rating could be downgraded at that time, Fitch said.In an interview with The Associated Press on Tuesday, David Riley, managing director at Fitch, said, "There's more to be done in order to keep the rating in the medium-term."The three main ratings agencies rate the debt issued by countries, states, corporations and municipalities. Ratings are based on a likelihood of default. The AAA rating is the highest available and signifies an extremely low likelihood of default.Standard & Poor's, the other major ratings agency, declined to comment Tuesday. In mid-July S&P warned that there was a 50-50 chance it would downgrade U.S. debt. Had the country defaulted, experts have said a downgrade by all three agencies would have been likely.The U.S. has only faced the threat of a downgrade once in the last 96 years. In 1995, when Bill Clinton was president, a similar default loomed and the credit rating agencies threatened a downgrade. At the time, the country had $4.9 trillion in debt — nearly $10 trillion less than it has now. Once Congress resolved that debt crisis a year later, the credit agencies removed the threat.Federated Investors' chief fixed income strategist Joe Balestrino points out that during the Clinton era the U.S. economy was growing at a much faster pace. Now, the economy is emerging from the deepest recession since the Great Depression and growth is sluggish. On Friday, the government said that in the first half of the year, the economy grew at its slowest pace since the recession officially ended in June 2009."Growth healed all wounds in 1995," Balestrino said. "However, now the U.S. doesn't have enough vitality to grow its way out."A Monday report that showed weakness in manufacturing followed Friday's GDP report. And on Tuesday, the Commerce Department said that consumers cut their spending in June for the firsttime in nearly two years.Because of that, many analysts believe that U.S. debt will eventually be downgraded to AA. And if that happens, it could be tough to regain the AAA rating."If the economy won't grow at 2.5 percent over the long term, it has pretty profound implications from a fiscal point of view," said Riley, the Fitch managing director.He said "that means the U.S. is poorer than it thought" and that legislators will face even tougher choices "in terms of taxes and spending," he said.Fitch also said that between federal, state and local government debt U.S. government debt will be as large as the country's economy by the end of 2012 — or 100 percent of the country's gross domestic product. And Fitch said it expects the country's debt level will continue to rise. The agency warned that would not consistent with a debt level that would allow the U.S. to retain its AAA sovereign rating. Similarly, Moody's said for the U.S. to keep its AAA rating, it expects to see the federal government's debt-to-GDP ratio stay near its projected 2012 level of 73 percent in the next several years, and then decline.In the short term, Balestrino and others don't expect investors to start selling their Treasury holdings. That's because Treasurys are considered one of the safest investment options.Fitch said the status of the U.S. dollar and the size of the Treasury market are the biggest reasons investors won't abandon Treasurys soon. The dollar is the global reserve currency, which means a significant amount of global trade is made in dollars — from toys and computer chips from China, coffee from Kenya or cars from Japan. Central banks in other countries therefore hold large reserves of U.S. currency, mostly through Treasury purchases.The U.S. Treasury market is the largest government bond market, at $9.3 trillion.And Moody's said while it expects interest rates to rise some over the next few years "a rise in borrowing costs above and beyond what is now expected would threaten efforts at fiscal consolidation" and could negatively impact the country's AAA rating.Standard and Poor's has downgraded the United States' credit rating by one notch from AAA to AA+ for the first time in the history of the ratings, despite a push back from the White House and the USTreasury: They have said the agency's analysis of the US economy was deeply flawed and off by trillions of dollars. This is proving to be a contentious move that highlights the weakened fiscal stature of the world’s most power ful country. To add to America's concerns, the agency has also issued a negative outlook. As a result, there is a chance it will lower the rating further within the next two years.The downgrade:1. Comes in the midst of great uncertainty and volatility in globalfinancial markets in the last week;2. Appears to originate from political as well economic analysis andthe consequences of the action could be wide-ranging andunpredictable; and3. Was rumored for weeks during the prolonged debt-ceiling debate in the US Congress but many felt that last week's deal would reduce the chances of such drastic action. Asmany decision makers across the world will recall, US Treasury Secretary Tim Geithner said that a downgrade wasn't going to happen. Geithner said that there was no chance that the US would lose its top credit rating. "No risk of that, no risk," Geithner said on one of the leading television business networks in April, 2011.What are the implications of S&P's downgrade of US debt from AAA to AA +?The official statement from S&P follows:"We lowered our long-term rating on the US because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process. We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade. Our lowering of the rating was prompted by our view on the rising public debt burden and our perception of greater policymaking uncertainty, consistent with our criteria. Nevertheless, we view the US federal government's other economic, external, and monetary credit attributes, which form the basis for the sovereign rating, as broadly unchanged."ConclusionIf the United States does not merit a AAA rating from S&P any more, is there an inenvitable risk to the AAA ratings of a number of other major countries? S&P still has a triple-A rating on the following key nations: Australia, Austria, Canada, Denmark, Finland, France, Germany, Netherlands, Norway, Singapore, Sweden, Switzerland and the United Kingdom. The corollary to this downgrade is that S&P will need to embark on an immediate review of the credit ratings of all the major sovereigns. Is there a risk of pandemonium in the global financial markets as a result of the unilateral change in the AAA credit rating of the US? Which of the other AAA nations are likely to lose their top-notch status?8月6日，著名的国际三大评级机构之一标准普尔公司将美国的主权债务信用评级从最高级别AAA级下调至AA+，并且将评级展望定为负面。
英语热词：债务上限 debt ceiling
英语热词：债务上限debt ceilingObama, Congress reach a debt deal: President Barack Obama says Republican and Democratic leaders in the House and Senate have reached an agreement with him to raise the government's debt ceiling and avoid a default.白宫国会达成债务协议——美国总统奥巴马宣布，国会两院两党领导人已经达成协议，同意提高政府的债务上限以避免产生违约风险。
文中的debt ceiling就是“债务上限”的意思。
Ceiling本意是"天花板"，还可表示价格、工资等的最高限度、最高产量、最大限额等等，如ceiling price表示“最高价”，a farm production ceiling意思是“农业生产的最高产量”。
在职场和政界中，有一种常见的现象叫做glass ceiling（玻璃天花板），通常专指女性所遭遇到的一种无形的障碍，使她们不能晋升到管理的高层。
美国debt ceiling/debt limit（债务上限）早已于5月16日到顶，国会必须在8月2日前就提高债务上限达成一致，否则美国政府将面临default（违约）的风险。
美国政府将通过cut deficit/deficit reduction（削减赤字），spending cuts（削减开支）等措施解决此次debt crisis（债务危机）。
国会两院将对这一艰苦谈判得来的package agreement（一揽子协议）进行投票。
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描述经济危机的词汇 中英
描述经济危机的词汇经济危机economic crisis/financial crisis/turmoil/financial meltdown经济不景气recession/bleeding economy/depression/sluggish economy 萧条期slump失业lose one's job/ be unemployed/ be redundant失业加剧job losses mount/unemployment climb失业人数jobless number找工作seek employment找工作者job seeker严峻的就业形势a tough job market欠薪withhold wage减薪salary cut信心下滑confidence slump经济复苏economic recovery经济危机的影响the crisis' fallout应对危机face/meet/fight the crisis重建信心confidence reconstruction遏制衰退containing declines减缓衰退slow down declines安居工程affordable/comfortable housing project安置职工staffing保八eight-percent protection成本削减cost-cutting创造新的就业generate new employment刺激消费stimulate consumer spending恢复revive/recovery/turnaround积极的财政政策proactive fiscal policy减少裁员refrain from laying off employees减员cut the salaried work force结构调整structural adjustment经济刺激方案stimulus package/plan就业指导career guidance抗风险能力anti-risk capability/capability of shielding against risks扩大内需propel/drive/expand domestic demand基础设施建设infrastructure construction减免税收tax relief例行节约practice economy适度宽松的货币政策moderately loose monetary policy削减生产slash production消费券consumption coupon小额贷款loans of small amounts政府紧急援助government bailout政府做某事的决心government's vow to do sth.中小型企业small-and-medium-sized enterprises/SMEs。
United States debt债务美国
United States debt-ceiling crisisFrom Wikipedia, the free encyclopediaThe United States debt-ceiling crisis was a financial crisis in 2011 that started as a debate in the United States Congress about increasing the debt ceiling. The crisis ended when a complex deal was reached that raised the debt ceiling and reduced proposed increases to future government spending, although similar debates are possible for future budgets.[1] As part of the aftermath, the crisis had a major political impact in the United States, in which public support for Congress fell dramatically. President Barack Obama and Speaker of the House John Boehner announced on July 31 that an agreement had been achieved. After the legislation was passed by both the House and Senate, President Obama signed the Budget Control Act of 2011 into law on August 2, the date estimated by the department of the Treasury that the borrowing authority of the US would be exhausted.[2]Four days later, on August 5, the credit-rating agency Standard & Poor's downgraded the credit rating of US government bond for the first time in the country's history. Markets around the world as well as the three major indexes in the US then experienced their mostvolatile week since the 2008 financial crisis with the Dow Jones Industrial Average plunging for 635 points (or 5.6%) in one day. Yields on US Treasuries, however, dropped as investors, anxious over the dismal prospects of the US economic future and the ongoing European sovereign-debt crisis, fled into the safety of US government bonds and bonds of other safe haven economies.[3] Moody's and Fitch, however, have retained America's credit rating at AAA.Contents [hide]1 Context2 Background2.1 Debt Ceiling2.2 Recent concern about budget deficits and long-term debt2.3 Negative real interest rates3 Resort to extraordinary measures3.1 Alternate views of the deadline4 Implications of not raising the debt ceiling5 Proposed resolutions5.1 Possible methods of bypassing the debt ceiling5.1.1 Fourteenth Amendment5.1.2 Minting coins in extremely high denominations5.1.3 Monetizing gold5.1.4 Converting fractional reserve to full reserve banking6 Agreement7 Reaction7.1 US reaction7.1.1 Congressional reaction7.2 International reaction7.3 Political aftermath8 Timeline9 See also10 References11 External links[edit] ContextUnder US law, an administration can spend only if it has sufficient funds to pay for it. These funds can come either from tax receipts or from borrowing by the United States Department of the Treasury. Congress has set a debt ceiling, beyond which Treasury cannot borrow. In the absence of sufficient revenue, a failure to raise the debt ceiling would result in the administration being unable to fund all the spending which it is required to do by prior acts of Congress. At that point, the government must cancel ordelay some spending, a situation sometimes referred as a partial government shut down.In addition, the Obama administration stated that, without this increase, the US would enter sovereign default (failure to pay the interest and/or principal of US treasury securities on time) thereby creating an international crisis in the financial markets. Alternatively, default could be averted if the government were to promptly reduce its other spending by about half.[4][5][6]An increase in the debt ceiling requires the approval of both houses of Congress. Republicans and some Democrats insisted that an increase in the debt ceiling be coupled with a plan to reduce the growth in debt. There were differences as to how to reduce the expected increase in the debt. Initially, nearly all Republican legislators (who held a majority in the House of Representatives) opposed any increase in taxes and proposed large spending cuts. A large majority of Democratic legislators (who held a majority in the Senate) favored tax increases along with smaller spending cuts. Supporters of the Tea Party movement pushed their fellow Republicans to reject any agreement that failed to incorporate largeand immediate spending cuts or a constitutional amendment requiring a balanced budget.[7][8][edit] BackgroundUS debt ceiling at the end of each year from 1981 to 2010. The graph indicates which president and which political party controlled Congress each year.US debt from 1940 to 2010. Red lines indicate the Debt Held by the Public (net public debt) and black lines indicate the Total Public Debt Outstanding (gross public debt). The difference between the two is the debt that is held by the federal government itself. The second panel shows the two debt figures as a percentage of US GDP (dollar value of US economic production for that year). The top panel is deflated so every year is in 2010 dollars.[edit] Debt CeilingSee also: United States public debt#Debt ceiling In the United States, the federal government can pay for expenditures only if Congress has approved the expenditure. If the total expenditure exceeds the revenues collected there is a budget deficit, and the only way that the shortfall can be paid for is for the government, through the Department of the Treasury, to borrow the shortfall amount by the issue of debt instruments. Under federal law,the amount that the government can borrow is limited by the debt ceiling, which can only be increased with a vote by Congress.Prior to 1917, Congress directly authorized the amount of each borrowing. In 1917, in order to provide more flexibility to finance the US involvement in World War I, Congress instituted the concept of a "debt ceiling". Since then, the Treasury may borrow any amount needed as long as it keeps the total at or below the authorized ceiling. Some small special classes of debt are not included in thistotal.[citation needed] To change the debt ceiling, Congress must enact specific legislation, and the President must sign it into law.The process of setting the debt ceiling is separate and distinct from the regular process of financing government operations, and raising the debt ceiling does not have any direct impact on the budget deficit. The US government passes a federal budget every year. This budget details projected tax collections and outlays and, therefore, the amount of borrowing the government would have to do in that fiscal year. A vote to increase the debt ceiling is, therefore, usually seen as a formality, needed to continue spending that has already been approved previously by the Congress and the President. The Government Accountability Office explains: "The debt limitdoes not control or limit the ability of the federal government to run deficits or incur obligations. Rather, it is a limit on the ability to pay obligations already incurred."[9] The apparent redundancy of the debt ceiling has led to suggestions that it should be abolished altogether.[10][11]The US has had public debt since its inception. Debts incurred during the American Revolutionary War and under the Articles of Confederation led to the first yearly report on the amount of the debt ($75,463,476.52 on January 1, 1791). Every president since Harry Truman has added to the national debt. The debt ceiling has been raised 74 times since March 1962,[12] including 18 times under Ronald Reagan, eight times under Bill Clinton, seven times under George W. Bush and three times (as of August 2011[update]) under Barack Obama.As of May 2011[update], approximately 40 percent of US government spending relied on borrowed money.[13] Raising the debt ceiling allows the federal government to continue to borrow money to support current spending levels. If the debt ceiling had not been raised, the federal government would have had to cut spending immediately by 40 percent, affecting many daily operations of thegovernment,[13] besides the impact on the domestic and international economies. Treasury can determine what items would be paid.[14] If the interest payments on the national debt are not made, the US would be in default, potentially causing catastrophic economic consequences for the US and the wider world as well. (Effects outside the US would be likely because the United States is a major trading partner with many countries. Other major world powers who hold its debt could demand repayment.)According to the Treasury, "failing to increase the debt limit would . . . cause the government to default on its legal obligations –an unprecedented event in American history".[15] These legal obligations include paying Social Security and Medicare benefits, military salaries, interest on the debt, and many other items. Making the promised payments of the principal and interest of US treasury securities on time ensures that the nation does not default on its sovereign debt.[16][17]Critics have argued that the debt ceiling crisis is"self-inflicted,"[18] as treasury bond interest rates were at historical lows, and the US had no market restrictions on its ability to obtain additional credit.[citation needed] The debt ceiling has been raised68 times since 1960. Sometimes the increase was treated as routine, many times it was used to score political points for the minority party by criticizing the out-of-control spending of the majority.[19] The only other country with a debt limit is Denmark, which has set its debt ceiling so high that it is unlikely to be reached.[18] If raising the limit ceases to be routine, this may create uncertainty for global markets each time a debt ceiling increase is debated.[18] Thedebt-ceiling crisis of 2011 has shown how a party in control of only one chamber of Congress (in this case, Republicans in control of the House of Representatives but not the Senate or the Presidency) can have significant influence if it chooses to block the routine raising of the debt limit.[20][edit] Recent concern about budget deficits and long-term debtSee also: United States public debt#Causes of change in debt Underlying the contentious debate over raising the debt ceiling has been an anxiety, growing since 2008, about the large United States federal budget deficits and the increasing federal debt. According to the Congressional Budget Office (CBO): "At the end of 2008, that debt equaled 40 percent of the nation's annual economic output (a little above the 40-year average of 37 percent). Since then, the figure has shot upward: By the end of fiscal year2011, the Congressional Budget Office (CBO) projects federal debt will reach roughly 70 percent of gross domestic product (GDP) —the highest percentage since shortly after World War II." The sharp rise in debt after 2008 stems largely from lower tax revenues and higher federal spending related to the severe recession and persistently high unemployment in 2008–11.[21][22] Though a balanced budget is ideal, allowing down payment on debt and more flexibility within government budgeting, limiting deficits to within 1% to 2% of GDP is sufficient to stabilize the debt.[why?] Deficits in 2009 and 2010 were 10.0 percent and 8.9 percent respectively, and the largest as a share of gross domestic product since 1945.[23]In 2009, the Tea Party movement emerged with a focus on reducing government spending and regulation.[24][25] The Tea Party movement helped usher in a wave of new Republicanoffice-holders in the 2010 mid-term elections[26] whose major planks during the campaign included cutting federal spending[27] and stopping any tax increases.[28] These new Republicans and the new Republican House majority greatly affected the 2011 debt ceiling political debate.[29]In early 2010, President Obama established the Bowles-Simpson Commission to propose recommendations to balance the budget by 2015.[30] The commission issued a report in December 2010, but the recommendations failed to receive enough votes to allow the report to be passed on to Congress.Throughout 2011, Standard & Poor's and Moody's credit rating services issued warnings that US debt could be downgraded because of the continued large deficits and increasing debt.[31][32][33][34] According to the CBO's 2011 long-term budget outlook, without major policy changes the large budget deficits and growing debt would continue, which "would reduce national saving, leading to higher interest rates, more borrowing from abroad, and less domestic investment – which in turn would lower income growth in the United States."[21] The European sovereign debt crisis was occurring throughout 2010–2011, and there were concerns that the US was on the same trajectory.[35][edit] Negative real interest ratesSince 2010, the U.S. Treasury has been obtaining negative real interest rates on government debt.[36] Such low rates, outpaced by the inflation rate, occur when the market believes that there are no alternatives with sufficientlylow risk, or when popular institutional investments such as insurance companies, pensions, or bond, money market, and balanced mutual funds are required or choose to invest sufficiently large sums in Treasury securities to hedge against risk.[37][38] Lawrence Summers, Matthew Yglesias and other economists state that at such low rates, government debt borrowing saves taxpayer money, and improves creditworthiness.[39][40] In the late 1940s through the early 1970s, the US and UK both reduced their debt burden by about 30% to 40% of GDP per decade by taking advantage of negative real interest rates, but there is no guarantee that government debt rates will continue to stay so low.[37][41] In January, 2012, the U.S. Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association unanimously recommended that government debt be allowed to auction even lower, at negative absolute interest rates.[42][edit] Resort to extraordinary measuresPrior to the debt ceiling crisis of 2011, the debt ceiling was last raised on February 12, 2010 to $14.294 trillion.[43][44]On April 15, 2011, Congress passed the last part of the 2011 United States federal budget, authorizing federal governmentspending for the remainder of the 2011 fiscal year, which ended on September 30, 2011.[citation needed] For the 2011 fiscal year, expenditure was estimated at $3.82 trillion, with expected revenues of $2.17 trillion, leaving a deficit of $1.48 trillion.[citation needed] Leaving a budget deficit of 38.7%, the world's highest.However, soon after the 2011 budget was passed, the debt ceiling set in February 2010 was reached. In a letter to Congress of April 4, 2011, Treasury Secretary Timothy Geithner explained that when the debt ceiling is reached, the US Treasury can declare a debt issuance suspension period and utilize "extraordinary measures" to acquire funds to meet federal obligations but which do not require the issue of new debt,[45] such as the sale of assets from the Civil Service Retirement and Disability Fund and the G Fund of the Thrift Savings Plan. These measures were implemented on May 16, 2011, when Geithner declared a "debt issuance suspension period". According to his letter to Congress, this period could "last until August 2, 2011, when the Department of the Treasury projects that the borrowing authority of the United States will be exhausted".[2] These methods have been used on several previous occasions in which federal debt neared its statutory limit.[46][edit] Alternate views of the deadlineAccording to Treasury, the US government would run out of cash to pay all its bills on August 2, 2011, which became the deadline for Congress to vote to increase the debt ceiling.[2][47]Some commentators disputed that date as the deadline. According to Barclays Capital, Treasury would run out of cash around August 10, when $8.5 billion in Social Security payments were due. According to Wall Street analysts, Treasury would not be able borrow from the capital markets after August 2, but still would have enough incoming cash to meet its obligations until August 15. Analysts also predicted that Treasury would be able to roll over the $90 billion in US debt that matured on August 4, and gain additional time to avert the crisis.[48]Projections required for debt and cash management can be volatile. Outside experts that track Treasury finances had said that announced Treasury estimates were within the range of uncertainty for their analyses. Delaying an increase in the debt limit past August 2 could have risked a delay in Social Security and other benefit checks, and could have led to disruptions in scheduled Treasury auctions.[edit] Implications of not raising the debt ceilingExperts were divided on how bad the effects of not raising the debt ceiling for a short period would be on the economy. While some leading economists, including Republican adviser Douglas Holtz-Eakin, suggested even a brief failure to meet US obligations could have devastating long-term consequences, others argued that the market would write it off as a Congressional dispute and return to normal once the immediate crisis was resolved.[49] Some argued that the worst outcome would be if the US failed to pay interest and/or principal on the national debt to bondholders, thereby defaulting on its sovereign debt.[50] Former Treasury Secretary Lawrence Summers warned in July 2011 that the consequences of such a default would be higher borrowing costs for the US government (as much as one percent or $150 billion/year in additional interest costs) and the equivalent of bank runs on the money markets and other financial markets, potentially as severe as those of September 2008.[51]In January 2011 Treasury Secretary Timothy Geithner warned that "failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant andlong-lasting tax on all Americans and all American businesses and could lead to the loss of millions of American jobs. Even a very short-term or limited default would have catastrophic economic consequences that would last for decades."[52]Senators Pat Toomey and Jim DeMint expressed deep concern that administration officials were stating or implying that failure to raise the nation's debt limit would constitute a default on US debt and precipitate a financial crisis:[53] "We believe it is irresponsible and harmful for you to sow the seeds of doubt in the market regarding the full faith and credit of the United States and ask that you set the record straight – that you will use all available Treasury funds necessary to prevent default while Congress addresses the looming debt crisis."[54]Geithner responded that prioritizing debt would require "cutting roughly 40 percent of all government payments", which could only be achieved by "selectively defaulting on obligations previously approved by Congress". He argued that this would harm the reputation of the United States so severely that there is "no guarantee that investors would continue to re-invest in new Treasury securities", forcing the government to repay the principal on existingdebt as it matured, which it would be unable to do under any conceivable circumstance. He concluded: "There is no alternative to enactment of a timely increase in the debt limit."[55] On January 25, 2011, Senator Toomey introduced The Full Faith And Credit Act bill [S.163[56]] that would require the Treasury to prioritize payments to service the national debt over other obligations.[57] (The bill was cleared by its committee for consideration the next day and added to the Senate "calendar of business", but no further action had occurred by mid-August 2011.[58])Even if the Treasury were to prioritize payments on the debt above other spending and avoid formal default on its bonds, failure to raise the debt ceiling would force the government to reduce its spending by as much as ten percent of GDP overnight, leading to a corresponding fall in aggregate demand. Economists believe that such a significant shock, if sustained, would reverse the economic recovery and send the country into a recession.[59][60][edit] Proposed resolutionsPresident Barack Obama met with Speaker of the House John Boehner on the patio near the Oval Office on Sunday, July 3, 2011, during the debt ceiling increase negotiations.Congress consideredwhether and by how much to extend the debt ceiling (or eliminate it), and what long-term policy changes (if any) should be made concurrently.[61]The Republican positions on raising the debt ceiling included:A Dollar-for-dollar deal; that is, raise the debt ceiling to match corresponding spending cuts[62]More of the budget cuts in the first two years[62]Spending caps[62]A Balanced Budget Amendment – to pass Congress and be sentto states for ratification[63][64]No tax increases but tax reform could be considered[65](One representative, Ron Paul, proposed transferring $1.6 trillion of Federal Reserve assets to the government and destroying those bonds, thereby reducing the United States gross federal debt by the same amount[66] This would violate the property rights of national banks who own the Federal Reserve Banks.[67])The Democratic positions on raising the debt ceiling included:Initially, a "clean" increase or unconditional raise to the debt ceiling with no spending cuts attached[68][69]Spending cuts combined with tax increases on some categories of taxpayers, to reduce deficits[70] (For example, a 1:1 spending cut / tax increase ratio initially desired in the Congress versus 3:1 offered by President Obama[71].)A large debt-ceiling increase, to support borrowing into 2013 (after the next election)[72]Opposed to any major cuts to Social Security, Medicare, or Medicaid[73][74](Some Democratic lawmakers[75][76][77] suggested that the President could declare that the debt ceiling violates the US Constitution and issue an Executive Order to direct the Treasury to issue more debt.[78])The US House of Representatives originally refused to raise the debt ceiling without deficit reduction, voting down a "clean" bill to increase the debt ceiling without conditions. The May 31 vote was 318 to 97, with all 236 Republicans and 82 Democrats voting to defeat the bill.[79] The Republicans largely believed a deficit reduction deal should be based solely on spending cuts, including cuts to entitlements, without any tax increases, to reduce or solve thelong-term issue of debt.[80] Obama and the Democrats in the US Congress wanted an increase in the debt ceiling to solve theshort-term borrowing problem, and in exchange supported a decrease in the budget deficit, to be funded by a combination of spending cuts and revenue increases.[81] Some prominent liberal economists, such as Paul Krugman, Larry Summers, and Brad DeLong, and prominent investors such as Bill Gross, went even further, and argued that not only should the debt ceiling be raised, but federal spending (and, therefore, the deficit) should be increased in the short term (as long as the economy remains in the liquidity trap), which they believed would stimulate the economy, reduce unemployment, and ultimately reduce the deficit in the medium to long term.[82][83]Some Tea Party Caucus and other Republicans, however, (including, but not limited to, Senators Jim DeMint, Rand Paul, and Mike Lee, and Representatives Michele Bachmann, Ron Paul, and Allen West) expressed skepticism about raising the debt ceiling (with some suggesting the consequences of default are exaggerated), arguing that the debt ceiling should not be raised, and "instead the federal debt [should] be 'capped' at the current limit,"[84] "althoughthat would oblige the government to cut spending by almost half overnight."[81]Jack Balkin, the Knight Professor of Constitutional Law and the First Amendment at Yale Law School, suggested two other ways to solve the debt ceiling crisis: he pointed out that the US Treasury has the power to issue platinum coins in any denomination, so it could solve the debt ceiling crisis by simply issuing two platinum coins in denominations of $1 trillion each, depositing them into its account in the Federal Reserve, and writing checks on the proceeds. Another way to solve the debt ceiling crisis, Balkin suggested, would be for the federal government to sell the Federal Reserve an option to purchase government property for $2 trillion. The Federal Reserve would then credit the proceeds to the government's checking account. Once Congress lifted the debt ceiling, the president could buy back the option for a dollar, or the option could simply expire in 90 days.[85]In a report issued by the credit rating agency Moody's, analyst Steven Hess suggested that the government should consider getting rid of the limit altogether, because the difficulty inherent in reaching an agreement to raise the debt ceiling "creates a high level ofuncertainty" and an increased risk of default. As reported by The Washington Post, "without a limit dependent on congressional approval, the report said, the agency would worry less about the government's ability to meet its debt obligations."[86] Other public figures, including Democratic ex-President Bill Clinton and Republican ex-CBO director Douglas Holtz-Eakin, have suggested eliminating the debt ceiling.[87][edit] Possible methods of bypassing the debt ceiling[edit] Fourteenth AmendmentDuring the debate, some scholars, Democratic lawmakers,[75][76][77] and Treasury Secretary Tim Geithner[88] suggested that the President could declare that the debt ceiling violates the Constitution and issue an Executive Order to direct the Treasury to issue more debt.[78] They point to Section 4 of the Fourteenth Amendment to the US Constitution, passed in the context of the Civil War Reconstruction, that states that the validity of the public debt shall not be questioned. Others rebutted this argument by pointing to Section 8 of Article 1 and Section 5 of the Fourteenth Amendment, which state that Congress has the power of the purse and the authority to enforce the Fourteenth Amendment.[89]Article I, Section 8. The Congress shall have power . . .To borrow Money on the credit of the United States;Amendment XIV, Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.Amendment XIV, Section 5. The Congress shall have power to enforce, by appropriate legislation, the provisions of this article.ArgumentsJack Balkin, looking into the Legislative History of the Fourteenth Amendment, argued that Section 4 was adopted to guard against politically-determined default. Referencing the sponsor of the provision, Senator Benjamin Wade, Balkin argued that "the central rationale for Section Four ... was to remove threats of default on federal debts from partisan struggle." Balkin quotes Wade: "every man who has property in the public funds will feel safer when he sees that the national debt is withdrawn from the power of aCongress to repudiate it and placed under the guardianship of the Constitution than he would feel if it were left at loose ends and subject to the varying majorities which may arise in Congress." According to Balkin, this reveals "an important structural principle. The threat of defaulting on government obligations is a powerful weapon, especially in a complex, interconnected world economy. Devoted partisans can use it to disrupt government, to roil ordinary politics, to undermine policies they do not like, even to seek political revenge. Section Four was placed in the Constitution to remove this weapon from ordinary politics."[90]Bruce Bartlett, a former adviser to President Ronald Reagan and columnist for The Fiscal Times, argued that Section 4 renders the debt ceiling unconstitutional, and that the President should disregard the debt limit.[91]The Nation editor Katrina vanden Heuvel argued that the President could use the public debt section of the Fourteenth Amendment to force the Treasury to continue paying its debts if an agreement to raise the debt ceiling was not reached.[92] Laurence Tribe, professor of Constitutional Law at Harvard Law School, called the argument that the public debt clause can nullify the debt ceiling "false hope" and noted that nothing in the Constitution enabled the President to "usurp legislative power" with。
次贷危机英文版
investor
Investment bank
2008年金融危机
高盛、摩根斯坦利从投资银行转为银行控股公司 雷曼兄弟破产 美林证券被美国银行收购 贝尔斯登被摩根大通收购
美联储有权监管所有银行控股企业 金融衍生工具等所有场外交易列入监管范畴 某种意义上意味着华尔街的终结
Federal Reserve chairman Greenspan lowers interest rate to 1%
1% means
investors banks
Hale Waihona Puke say no—very low return
borrow from Fed at low cost
10000$ ----11000$ 1000$
Investors
Safe investor Other banks Risk taker
Collateralized Debt
Obligations
CDO
Investment bank
mortgage
Safe 4% Okay 7% Risky 10%
More money
cycle
More CDO
Investors
Risk taker
Collateralized Debt
Obligations
Investment bank
mortgage
Risky 10%
CDO
lender
Home owner
Interest rate 1%→5%
More and more house supply
Mortgage-----300,000$ House price---90,000$
经济方面的英语词汇
经济方面的英语词汇次贷危机：subprime mortgage crisis (SMC)地产泡沫： real estate bubble -- 相关：泡沫经济： bubble economy经济衰退或萧条： economic recession/ economic declining / economic depression经济复苏：economic recovery全球金融危机：Global financial crisis / financial turmoil / meltdown利率：interest rate可调整利率：adjustable rate固定利率：fixed rate汇率：exchange rate货币升值：appreciation货币贬值：depreciation货币发行：note issue货币流通：circulation抛售美国债：short-selling US treasury bonds外汇储备：foreign currency reserve 黄金储备： gold reserve顺差: favourable balance / surplus逆差: adverse balance / deficit房贷： home-loan 投机者： speculator 抛售房产： flip one's house信用危机：credit risk / 信用不足： poor credit不良贷款：non-performing loan / Bad loan救市资金：bailout（居2008美国热词排行榜首位）宏观经济：macroeconomic财政刺激：fiscal stimulus跨国公司：global corporation申请破产：file for bankruptcy收购：take over股市大跌：crash/nosedive/plummet裁员：ax jobs (大刀阔斧的砍) lay off / cut jobs / 口语委婉可以说 I'm between jobs. 失业率：unemployment rate刺激消费：to stimulate consumption扩大内需：to expand domestic demands美联储：Federal Reserve贸易保护主义、贸易壁垒：trade protectionism; trade barrier。
次贷危机中英文版 Household debt crisis
Household debt crisis – a looming threat to the US economyUS economic activity slowed in late 2007 as the credit crisis spawned by the sub-prime mortgage debacle intensified. Banks cut back their lending to individuals and companies, causing the annualized rate of GDP growth to fall to a tepid 0.6% in the fourth quarter last year, significantly lower than the 4.9% recorded in the previous quarter. The worsening outlook has prompted the US government to take unprecedented measures to stimulate the ailing economy.家庭债务危机- 美国经济面对的威胁随着美国次按问题恶化，并引发信贷进一步收缩，美国经济在2007 年年底明显降温。
银行持续减少个人及企业贷款，导致第4季经济生产总值按年率计仅升0.6%，远低于上一季4.9%的增幅。
经济前景转坏，促使美国政府实施多项新政策挽救经济。
US households are the rescue target …A wide range of new measures have been introduced by the US Treasury Department and the Federal Reserve (the Fed) in an attempt to prevent the sub-prime woes from spiraling into a full-blown economic meltdown. First, Congress and the Administration have agreed on a US$152 billion economic stimulus package. This includes tax rebates of up to US$600 per individual and US$300 for each dependent child. Second, the benchmark Fed Funds Rate (FFR) has been slashed by a combined three percentage points in six rate cuts since September 2007 to the current 2.25%. Moreover, liquidity is being pumped into financial institutions by expanding the range of securities accepted as collateral for loans issued by the Fed and by increasing investments in the mortgage market by Fannie Mae and Freddie Mac – the two largest US home finance companies. T he Fed’s support of the bailout of the failing investment bank Bear Sterns marked yet another step to stave off a broader confidence crisis in financial markets.美国政府致力维持家庭消费增长美国财政部及联邦储备局（联储局）采取一连串措施，以阻止次按危机蔓延至其他经济层面。
美债危机-1104
America Reporter:
America Businessman:
•the debt crisis haven’t great impact on my business. •The government’s shut down leaded to about $24 billion losses.
America’s Debt Ceiling
TEAM: 1.于涛（主持人） 2.王坤（政治家） 3.魏晓超（政治家） 4.于进海（美国记者）5.（美国商人） 6.美国民众或者工人（王东峰） 7.陈景贵（中国记者）8.尹青山（中国民众）9.赵东东（中国官方）10.张念 海（中国经济研究者） (10pers in erage：
Key Words：
1. The debt ceiling crisis
2. America’s government shut down
3. The impacts
Introduction:
Politician： Huge Issues
•aa
•aa
TEA PARTY LOSES BIG
America’s Debt Ceiling-美国国债危机
Topic Type
Contents
America' debt ceiling News report Studio: Host and guests U.S: American businessman and citizen China: Citizens, official, economist
•It's like a limit imposed by your credit card company.
2012MBA 阅读热点 美债危机
US crisis gives China reasons to change美国的债务危机给了中国改变的理由Rating agency Standard & Poor's downgrading of the US credit rating from AAA to AA+ has a deep meaning for the international political and economic community. It is not only the result of severe US debt, but also of a political crisis.国际三大评级公司之一的标准普尔将美国的信用等级从AAA调降到AA+，这对国际政治和经济体都有深刻的含义。
此举不仅严重美债的结果，也是政治危机的结果。
The long-term fights in Congress have left the economically troubled US helpless, and intertwined interest groups have paralyzed part of the US government. Some economists are pessimistic about US prospects in the next decade. In the past, the US stimulated its economy as a way to control deficit, since there would be more tax revenue to offset it.美国国会的长期斗争已经让经济陷入困境的美国几乎绝望，纠缠在一起的利益集团已经使得美国政府的一部分陷于瘫痪。
有些经济学家对美国未来十年的前景持悲观态度。
过去，美国刺激本国经济作为控制赤字的一种方式，因为这样才会有更多的税收已抵消赤字。
2008年美国金融危机英文版 2008 financial crisis (in English)
2008年美国金融危机英文版(in English)美国作为世界上第一大经济体，对世界经济的发展具有火车头的作用。
然而2007年美国经济的表现不尽人意，次贷危机的爆发更是雪上加霜。
经济增长速度降低，通货膨胀率升高，失业率增加，这一切显示出美国经济已经离滞胀越来越近了。
美联储前主席格林斯潘称“美国经济尚未陷入滞胀，但已经有早期迹象出现”。
2008 financial crisis (in English)The United States as the world's largest economies, the world's locomotive of economic development. However, in 2007 less than satisfactory performance of the U.S. economy, sub-loan crisis broke out, more difficult. To reduce the rate of economic growth, rising inflation, the rise in unemployment, all show the U.S. economy has been growing from the stagnation of the past. Former Federal Reserve Chairman Alan Greenspan said "stagflation in the U.S. economy has not yet, but already there are early signs appear."次贷危机是美国经济放缓的导火索，其后续影响不断恶化并逐渐波及到世界经济。
2007年世界经济在连续四年的高速增长之后，出现了调整的迹象。
同时，美国、欧元区和广大发展中国家的CPI上涨率已超过央行设定的控制目标。
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聚焦美国国债危机北京时间8月3日凌晨，奥巴马发表声明，签署了刚刚在美国参议院通过的提高债务上限和削减赤字的方案。
此时，离违约期限的最后一刻只有几个小时。
government bonds 政府债券debt ceiling crisis 债务限额危机raise the debt limit 提高借债上限reduce the deficit/deficit cutting 削减赤字budget deficit 预算赤字federal deficit 联邦赤字tax breaks 税收减免/税额优惠entitlement reform and tax reform 津贴改革和税收改革consumer confidence 消费者信心business confidence 企业信心the debt talks/debate 债务（限额）谈判debt default 债务违约debt ceiling 债务上限，债务最高限额borrowing limit 借款限额brinkmanship 边缘政策borrowing capacity 借贷能力balanced budget 预算平衡reserve requirement ratio 存款准备金率stock market 股票市场Debt Ceiling Bill 债务上限法案tax code 税法budget act 预算法案annual domestic spending 年度国内开支abrupt deficit cut 减赤过急fiscal credibility 财政信用special deductions 特殊扣减bipartisan committee 两党委员会congressional committee process 国会委员会程序reserve currency 储备货币financing cost 融资成本degrade 评级下调一场关于“全球货币体系改革”的大讨论近日在北京展开。
众多国内外经济学家认为，现有的货币体系已经令很多新兴经济体国家掉进了“美元陷阱”，如果美元继续成为唯一的国际货币，美国的量化宽松政策将进一步损害发展中国家的利益。
请看《中国日报》的报道：He said the global monetary system had fallen into a "dollar trap". While it would be sensible to reduce dollar holdings in official currency reserves, nations cannot easily cut back, because doing so would only lead the dollar to weaken and so hit the value of their assets, he said.中国国际经济交流中心信息部副部长徐洪才表示，全球货币体系已经掉进“美元陷阱”。
尽管理智上应该减少官方的美元货币储备，但实际上所有国家都很难做出削减，因为这样做只会进一步削弱美元地位，从而威胁到本国持有的美元资产的价值。
文中的dollar trap就是指“美元陷阱”。
上文的报道也描述出了trap陷各国于两难地位之意，持有可能贬值，卖出更贬值。
当reserve currency（储备货币）风险增加时，foreign exchange reserve（外汇储备）既是国际货币体系不稳定的来源，也会成为大宗储备持有者的负担，使其陷入dollar dilemma（美元困境）。
经济学家越来越担心dollar dominance（美元的主导地位）会加大全球经济风险。
特别是美国的subprime crisis（次贷危机）爆发以来，dollar-centric global economy（以美元为核心的全球经济体系）受到了越来越大的冲击。
各国的dollar assets（美元资产）面临贬值风险，也考验着本国的monetary policy（货币政策）。
“货币供应量”国家统计局昨日公布了2009年国民经济运行情况。
在新闻发布会上，马建堂局长表示：如果用不多的字来描述2009年，最好的两个字就是“收获”。
在去年，我国货币供应量增长较快。
去年12月末，广义货币(M2)余额和狭义货币(M1)均比08年同期出现较大增长。
请看《中国日报》的报道：The broad measure of money supply, M2, which covers cash in circulation and all deposits, rose 27.68 percent from a year earlier as of the end of December, 9.86 percentage points higher than that at the end of 2008.广义货币供应（即M2）包括流通货币以及全部储蓄存款。
截至去年12月底，我国M2供应量增长了27.68%，同比增幅达到9.86个百分点。
文中的measure of money supply就是指“货币供应量”，而broad measure of money supply 就是“广义货币供应量”，简称为M2。
与之相对应的M1就是指“狭义货币供应量”，即narrow measure of money supply。
我国现阶段将货币供应量（measure of money supply）划分为三个层次，其含义分别是：M0，流通中现金，即在银行体系以外流通的现金；M1，狭义货币供应量，即M0＋企事业单位活期存款；M2，广义货币供应量，即M1＋企事业单位定期存款＋居民储蓄存款。
文中的cash in circulation（流通货币）是指一定区域内处于流通中的纸币、铸币、信用货币，这些现实货币的通称，也就是我们平时所说的“通货”。
根据统计局的数据，我国primary sector（第一产业）、industrial sector（第二产业），以及tertiary/service sector（第三产业）都获得较快发展。
在经济危机爆发后，我国实行了proactive fiscal policy（积极的财政政策）和moderately loose monetary policy（适度宽松的货币政策），采取了一系列stimulus package（经济刺激政策），使我国经济出现V-shaped recovery（V型复苏）的苗头。
去年，我国还公布了revitalization scheme for 10 major industries（十大产业振兴规划），进行了risk control（风险控制），以及macro-regulation（宏观调控），并增加了fixed-asset investment （固定资产投资）。
美债危机给奥巴马生日泼冷水Debt crisis talks throw doubt on Obama's lavish 50th birthday partyGlum: The President has said the birthday present he wants more than anything else is 'a debt-ceiling deal'()It was supposed to be the mother of all parties, now it may not happen at all.President Obama's big 50th birthday is scheduled for August 3, the day after the debt talks deadline and the date that the U.S. risks defaulting on its good faith and credit.If the negotiations with congressional Republicans over how best to deal with the U.S. budget deficit are not wrapped up by August 2, the champagne corks will not be popping in Chicago.The party was planned for the Aragon Ballroom, which costs $40,000 to rent.There is supposed to be a concert featuring jazz pianist Herbie Hancock and Jennifer Hudson, the star of Dreamgirls.The entertainment was to be followed by a lavish dinner for couples giving $35,800 to Obama's campaign.With the government scheduled to run out of money on Tuesday, an extravagent bash would hardly look good.An official said: 'The president will not attend the event in Chicago if negotiations are ongoing.'Mr Obama has already cancelled a series of campaign fundraisers to stay in Washington for the tense negotiations that have angered the U.S. public, worried financial markets and raised fears of a first-ever U.S. debt default.The fundraisers would have brought in millions of dollars for the re-election war chest, the campaign official said.The President cancelled a planned trip to California and Seattle, put off a fundraiser in New York. Mr Obama's last campaign fundraiser was on June 30 in Pennsylvania.He reported raising $86 million in the quarter ended on June 30, far eclipsing the money raised by any of the Republicans vying for their party's nomination to compete against him in the 2012 president election.Asked what he most wanted for his birthday, Mr Obama said 'a debt-ceiling deal.'(Read by Renee Haines. Renee Haines is a journalist at the China Daily Website.)奥巴马总统原本准备举办一场50岁盛大庆生派对，而现在很有可能泡汤。