Ongoing Piddling around by our Brilliant minds in Washington will result in a well picked over Carcass...
Retrieved by Pat Darnell
China's holdings is $1.16 trillion at the end of December. China was firmly in the top spot as the largest foreign holder of U.S. Treasury debt even before any revisions.
If Chinese investors were to begin dumping their U.S. holdings ... Such a development could send U.S. interest rates rising. That would slow America's economic recovery and increase Washington's costs for financing the $14.3 trillion national debt.
Britain's holdings of U.S. Treasury securities is only $272.1 billion.
That's included because Chinese investors buy and sell securities through Britain.
The U.S. government is selling huge amounts of debt to finance record-high budget deficits. The Obama administration in its new budget released on Feb. 14 projected that this year's deficit will reach a record $1.65 trillion. It would be the third consecutive year the federal deficit has exceeded $1 trillion. (CRUTSINGER, MARTIN. Feb 28, 2011. AP Economics Writer., [SOURCE])