Page 22 - CCFA Journal - 11th Issue

ChatGPT 加中金融

Emergency Federal Reserve Actions: In extreme situations, the Federal Reserve could take emergency actions to provide short-
term liquidity to the U.S. Treasury. For example, the Federal Reserve could purchase Treasury securities directly from the Treasury
Department, effectively creating new money to finance government operations. While this approach can provide temporary relief,
it raises concerns about potential inflationary pressures and challenges the independence of the central bank.
Congressional Action and Budget Negotiations: Ultimately, resolving the debt ceiling issue requires action from Congress.
Lawmakers can engage in budget negotiations to address fiscal challenges, agree on spending priorities, and implement longer-
term solutions to manage the national debt. Collaborative efforts between the executive and legislative branches of government
are essential to develop and implement sustainable fiscal policies.

CCFA: 在不总是提高债务上限的情况下，央行可以做些什么来避免突破债务上限?

ChatGPT:

非常措施。美国财政部可以采取非常措施，就像它过去所做的那样，暂时在债务上限下创造额外的空间。这些措施可以包
括暂停或修改某些政府活动，重新分配资金，或使用会计技术延迟付款或管理现金流。然而，这些措施只能提供暂时的缓
解，而不是长期的解决办法。

支付的优先顺序: 财政部在国会的指导下，可以在债务上限被突破的情况下优先支付。这包括分配可用资金来支付最重要
的义务，如国债的利息支付、社会保障福利和基本的政府服务。通过优先支付，政府可以确保在管理有限现金流的同时履
行其最重要的财务承诺。然而，这种方法可能具有挑战性和争议性，因为它需要确定哪些义务被认为是最重要的。
美联储紧急行动:在极端情况下，美联储可以采取紧急行动向美国财政部提供短期流动性。例如，美联储可以直接从财政
部购买国债，有效地创造新的资金来资助政府运作。尽管这种方法可以暂时缓解压力，但它引发了人们对潜在通胀压力的
担忧，并对央行的独立性构成了挑战。

国会行动和预算谈判:最终，解决债务上限问题需要国会采取行动。议员们可以参与预算谈判，以应对财政挑战，就支出
优先事项达成一致，并实施长期解决方案来管理国家债务。政府行政和立法部门之间的合作努力对于制定和实施可持续的
财政政策至关重要。

CCFA： What happens if the U.S. keeps raising the debt ceiling? What are some intended and unintended consequences?
ChatGPT：
Intended consequences of raising the debt ceiling: Ensuring government solvency: Raising the debt ceiling allows the U.S.
government to continue meeting its financial obligations, including paying its bills, servicing existing debts, and providing essential
services. This ensures the government's solvency and prevents a default, which could have severe repercussions on financial
markets and the economy.

Unintended consequences of raising the debt ceiling: Increased borrowing costs: Continuous reliance on debt issuance to finance
deficits can lead to concerns among investors about the sustainability of the U.S. debt burden. As a result, lenders may demand
higher interest rates to compensate for the perceived risk, increasing borrowing costs for the government. This can exacerbate
the fiscal burden over time and divert resources away from productive investments.

Potential inflationary pressures: If the government relies heavily on borrowing to finance its expenditures, particularly during
periods of economic expansion, it can inject excess money into the economy. This increased money supply can potentially lead to
inflationary pressures, eroding the purchasing power of consumers and reducing overall economic stability.

Weakened confidence and economic uncertainty: Persistently raising the debt ceiling without addressing underlying fiscal
imbalances can erode investor and public confidence in the government's ability to manage its finances. This can create economic
uncertainty, dampen business investment, and hinder long-term economic growth. It may also lead to concerns about the
government's ability to honor its future obligations.

Burden on future generations: A continuously rising debt burden can place a significant financial burden on future generations. As
the government continues to accumulate debt, it passes on the responsibility of repayment to future taxpayers, potentially
limiting their economic opportunities and forcing them to bear the costs of previous fiscal decisions.

Constraints on policy options: Escalating debt levels can limit the government's flexibility to respond to economic downturns or
emergencies. With a high debt burden, policymakers have fewer resources available to stimulate the economy or implement
discretionary spending measures during times of crisis, potentially exacerbating the negative effects of such events.

It's important to note that managing the debt ceiling is a complex task, and the consequences of continuously raising it depend on
various factors, including economic conditions, market sentiment, and policy responses. Striking a balance between meeting
immediate obligations and ensuring long-term fiscal sustainability is crucial to maintaining economic stability and prosperity.

CCFA：如果美国继续提高债务上限会发生什么?有哪些预期的和非预期的后果?

ChatGPT：

CCFA JOURNAL OF FINANCE July 2023
Page 22 第22页