Real power over the US government sits with lenders, not politicians — a neutral but sobering reality check for anyone watching Washington.

• The government spends more than it takes in, so it has to borrow by selling bonds.
• Buyers, not the government, decide what interest rate those bonds pay.
• When demand for US debt is weak, the government is forced to pay more, and borrowing costs rise across the economy.
• That gives the bond market veto power over presidents, Congress, and even the Fed.

Outlook: Whoever is in office, borrowing costs will keep setting the limits on what Washington can actually do.