06 Aug '11, 4pm

China Tells US to "Cure Its Addiction To Debts" | @Care2 @Care2Causes

China Tells US to "Cure Its Addiction To Debts" | @Care2 @Care2Causes

China, which holds at least $1.1 trillion of US debt, had harsh words after Standard & Poor downgraded the US credit rating from AAA to AA+. Said the Chinese government in a statement issued in its official Xinhua news agency just hours after the S & P downgrade was announced: “The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone.” The US, says China, must “cure its addiction to debts” and “live within its means.” China also heavily criticized the US for its “short-sighted” political wrangling, a clear reference to the protracted fight over raising the debt ceiling as Republicans dug in their heels over spending cuts and adamantly said no to raising taxes. The White House staged a furious eleventh-and-a-half hour attempt to convince S & P that its calculation...

Full article: http://www.care2.com/causes/china-tells-us-to-cure-its-ad...

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