News / USA

Beijing Blasts US For Failure to Cut Debt

Hearing of U.S. Joint Select Committee on Deficit Reduction, Capitol Hill, Nov. 21, 2011.
Hearing of U.S. Joint Select Committee on Deficit Reduction, Capitol Hill, Nov. 21, 2011.
Peter Cobus

Chinese state media are attacking the U.S. government for failing to resolve what it says is the "ticking debt bomb" in the world's largest economy.

Blasting the U.S. for the collapse of a congressional committee's effort to trim the country's budget deficit by $1.2 trillion over the next decade, the Xinhua news agency said "Washington's political elites" need to have the courage to defuse the debt issue and show the "wisdom and determination not to further jeopardize the fragile global economic recovery."

The news agency said U.S. politicians "have never shied" from lecturing other countries about their global responsibilities, but that "now it is high time" the U.S. "showed a sense of true global leadership."

The collapse of the U.S. congressional committee's negotiations on cutting the U.S. debt had no immediate effect on the U.S. credit rating, since the panel's lack of agreement triggers $1.2 trillion in automatic cuts starting in January 2013, half of it for national security programs. Two credit rating agencies, Standard & Poor's and Moody's, affirmed their rating of U.S. debt. A third agency, Fitch, said it is reviewing its U.S. rating.

The failure of the 12-member committee to reach a debt-reduction agreement leaves in question spending and tax issues that affect virtually all Americans.

A reduction in a payroll tax for government pensions for senior citizens and financial assistance for the long-term unemployed are set to expire at the end of this year and can only be extended with congressional approval. At the end of 2012, broader tax cuts first approved more than a decade ago will expire. All three measures have sparked contentious debate between President Barack Obama, a Democrat facing re-election in 2012, his Democratic supporters in Congress and opposition Republican lawmakers and presidential contenders seeking to oust the president.

The congressional panel of six Republicans and six Democrats was supposed to come up with a deal this week, but admitted failure Monday. Later, Obama vowed to veto any effort to undo the automatic spending cuts.

With a year before the cuts take effect, analysts say Congress and the White House could still reach an agreement on debt cuts and tax increases. But that almost certainly will be more difficult as the country approaches the presidential election a year from now. All 435 members of the House of Representatives and a third of the 100-member Senate also face re-election.

Some information for this report was provided by AP, AFP and Reuters.

You May Like

VOA Exclusive: Interview With Myanmar President Thein Sein

Thein Sein calls allegations that minority Muslim Rohingya are fleeing alleged torture in Rakhine state a media fabrication More

New Yellow Fever Research May Lead to Improved Treatment

Researchers identify features of disease that may lead to more effective treatment More

UN Rights Commission Investigates Eritrea

Three-member commission will start collecting first-hand information from victims and other witnesses in Switzerland and Italy next week More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Ebola Economic Toll Stirs W. Africa Food Security Concernsi
X
November 19, 2014 11:39 PM
The World Bank said Wednesday that it expects the economic impact of the Ebola outbreak on the sub-Saharan economy to cost somewhere betweenf $3 billion to $4 billion - well below a previously-outlined worst-case scenario of $32 billion. Some economists, however, paint a gloomier picture - warning that the disruption to regional markets and trading is considerable. Henry Ridgwell reports from London.
Video

Video Ebola Economic Toll Stirs W. Africa Food Security Concerns

The World Bank said Wednesday that it expects the economic impact of the Ebola outbreak on the sub-Saharan economy to cost somewhere betweenf $3 billion to $4 billion - well below a previously-outlined worst-case scenario of $32 billion. Some economists, however, paint a gloomier picture - warning that the disruption to regional markets and trading is considerable. Henry Ridgwell reports from London.
Video

Video Mexico Protests Escalate Over Disappearances

Protests in Mexico over 43 students missing since September continue to escalate, reflecting growing anger among Mexicans about a political system they view as corrupt, and increasingly tainted by the drug trade. Mounting outrage over the disappearances is now focused on the government of President Enrique Pena Nieto, accused of not doing enough to end insecurity in the country. More from VOA's Victoria Macchi.
Video

Video US Senate Votes Down Controversial Oil Pipeline - For Now

The U.S. Senate has rejected construction of a controversial pipeline to transport Canadian oil to American refineries. The $5 billion project still could be approved next year, but it faces a possible veto by President Barack Obama. As VOA’s Michael Bowman reports, the pipeline has exposed deep divisions in Congress about America’s energy future.
Video

Video Can Minsk Cease-fire Agreement Hold?

Growing tensions between government troops and separatists in eastern Ukraine further threaten a cease-fire agreement reached two months ago in the Belarusian capital of Minsk. Critics of U.S. policy in Ukraine say it is time the Obama administration gives up on that much-violated cease-fire and moves toward a new deal with Russia. VOA's Scott Stearns has more.
Video

Video Chaos, Abuse Defy Solution in Libya

The political and security crisis in Libya is deepening, with competing governments and, according to Amnesty International, widespread human rights violations committed with impunity. VOA’s Al Pessin reports from London.
Video

Video US Hosts Record 866,000 Foreign Students

Close to 900,000 international students are studying at American universities and colleges, more than ever before. About half of them come from Asia, mostly China. The United States hosts more foreign students than any other country in the world, and its foreign student population is steadily growing. Zlatica Hoke reports.
Video

Video Ferguson Church Grapples with Race Relations

Many white residents of Ferguson, Missouri, say they chose to live there because of the American Midwest community's diversity. So, they were shocked when a white police officer killed an unarmed black teenager in August – and shaken by the resulting protests and violence. Some local churches are leading conversations on how to go forward. VOA’s Ayesha Tanzeem reports.
Video

Video What Jon Stewart Learned About Iran From 'Rosewater'

Jon Stewart, host of the satirical news program "The Daily Show" talks with Saman Arbabi of Voice of America's Persian service about Stewart's directorial debut, "Rosewater."
Video

Video Lebanese Winemakers Thrive Despite War Next Door

In some of the most volatile parts of Lebanon, where a constant flow of refugees crosses the border from Syria, one industry continues to flourish against the odds. Lebanese winemakers say after surviving a brutal civil war in the 1970s and 80s, they can survive anything. Heather Murdock has more for VOA from the Bekaa Valley in Lebanon.
Video

Video China's Rise Closely Watched

China’s role as APEC host this week allowed a rare opportunity for Beijing to showcase its vision for the global economy and the region. But as China’s stature grows, so have tensions with other countries, including the United States. VOA’s Bill Ide in Beijing reports on how China’s rise as a global power is seen among Chinese and Americans.

All About America

AppleAndroid