The US Debt Limit Breach Is Now A Chinese Cartoon..The U.S. this week maxed out its credit limit. American debt has reached US$14.3 trillion and it cannot legally spend any more unless Congress raises the debt ceiling. If it does not do this, US will begin defaulting on the debt as of August 2. Both Republicans and Democrats are blaming each other for the debt. Actually, they are both right: Both Republicans and Democrats are responsible for the fix the US is in.
http://www.youtube.com/watch?v=FXhPqywdEg4&feature=player_embedded
China Cuts Holdings of US Treasurys for 5th Month
ReplyDeleteChina, the biggest buyer of U.S. securities, trimmed its holdings for a fifth straight month. The Treasury Department said Monday that China cut its holdings by $9.2 billion to $1.14 trillion.
http://www.moneynews.com/StreetTalk/US-Foreign-Holdings/2011/05/16/id/396501