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Friday
Jul292011

Chinese News Agency Criticizes US Lawmakers over Debt Impasse

George Doyle/Thinkstock(BEIJING) -- China’s state-run Xinhua news agency has released a strongly worded editorial chastising “dangerously irresponsible” U.S. politics for having “kidnapped” the world’s largest economy.

“It is arguably true that the ongoing tug of war in Washington is Uncle Sam’s own business, as the United States has not yet defaulted on its debt,” Xinhua said Thursday.  “However, the ugliest part of the saga is that the well-being of many other countries is also in the impact zone when the donkey and the elephant fight.”

Xinhua urged U.S. leaders to cut spending and scale back America’s “debt addiction.”

“It is time for Washington to revisit the time-tested common sense that one should live within one’s means,” the news agency said.

So far, authorities in China have not made any official comments about the debt stand-off, but as the United States' largest creditor, Beijing has repeatedly urged Washington to protect its investments, which are account for about 70 percent of China’s $3.2 trillion in foreign exchanges reserves.

Copyright 2011 ABC News Radio







ABC News Radio