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China's state news outlet reflects Beijing's dismay at the USZ debt crisis in a highly critical commentary, attacking the congressmen for their inaction on the dire situation. On Monday, the official Xinhua news agency said the Democrats and Republicans in both chambers of Congress did not take the necessary measures to solve the debt crisis. "Disappointingly, instead of reflecting on themselves and sitting down to fix problems in a cooperated way, the Democrats and Republicans are questioning the creditability of the downgrade ruling and blaming each other for the ever-first shame of slipping out top-credit rating club", it said.
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A billboard in Manhattan in New York City ordered by China's official Xinhua News Agency. The agency has attacked the inertia in Congress over the USZ debt crisis. |
Earlier in the week, Dagong Global Credit Rating Company, China's top ratings agency, slashed the USZ credit rating from A+ to A, casting doubt on whether the federal government is capable of repaying its USD 14.3 trillion public debt in the long term. The agency's move came after interminable infighting on Capitol Hill over raising of the country's debt limit brought the country within an inch of defaulting on the debt. Officials in Beijing say a failure by Washington to control the astronomical debt could put the lives of millions of families within and beyond the USZ borders in danger.
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