Chinese balloon, State of the Union, debt ceiling: This week in politics
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from that balloon.
Chinese balloon, State of the Union, debt ceiling: This week in politics
As the takedown of a suspected Chinese spy balloon weighs on U.S.-listed Chinese stocks and President Biden prepares to deliver his State of the Union address, here's what you need to know from Washington, D.C., this week:
Chinese spy balloon fallout
President Biden's decision to shoot down a Chinese surveillance balloon over the weekend has brought U.S.-China tensions to the forefront of Washington politics.
Chinese officials claimed the balloon was used for "mainly meteorological" purposes; however, reports of another balloon over Latin America have raised questions about China's capabilities for surveillance and espionage.
House Speaker Kevin McCarthy (R-CA) and Republicans criticized Biden for not shooting down the balloon earlier and are reportedly considering passing a resolution that would condemn Biden's handling of the situation.
Democrats have pushed back and suggested that Republicans are placing too much emphasis on playing politics instead of uniting to counter China on the situation. Republicans and Democrats have sought to make strategic competition with China a nonpartisan issue, notably through McCarthy's decision to create a China commission.
The escalating tensions resulting from the balloon situation also prompted Secretary of State Antony Blinken to cancel his planned trip to China. Meanwhile, China has criticized Biden's decision to shoot down the balloon, and it remains unclear how America's strategic partners will interpret the incident.
State of the Union
Biden is expected to address the China challenge, among other issues, in his State of the Union address on Tuesday night.
Investors will be watching for clues about whether Biden will implement additional sanctions and trade controls in response to China's actions. Biden is also expected to urge Congress to continue its support for Ukraine as some Republicans have begun to question the U.S.'s long-term financial commitment to the country.
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