Over the past several years, American political leaders have rightly focused on augmenting national power. Faced with China’s geopolitical challenge, Washington has boosted its defense budget, stimulated domestic innovation, built new international partnerships, and moved to protect its technological lead. These steps have won broad support in both parties and across very different presidential administrations, and for good reason. A more powerful United States, working ever more closely with likeminded partners, is best placed to engage in long-term competition with Beijing. In this context, the possibility of a default on U.S. debt — which Treasury Secretary Janet Yellen warns could oc
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