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0 Cornyn Presses Geithner on Hazards of Foreign Governments Financing U.S. Debt

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"Reckless deficit spending represents not only a fiscal crisis, but also a growing threat to national security. My hope is that this legislation will make our nation safer, and provide a reality check for those intent on continuing to ignore Americans who want us to rein in out of control Washington spending." Some Chinese government officials have suggested that China could use its massive U.S. debt holdings to retaliate against U.S. policies they oppose. In response to a recent U.S. sale of defensive weapons systems to Taiwan, an official of China's People's Liberation Army warned that China might sanction the U.S. by "dumping" U.S. government bonds. A rapid Chinese divestment of U.S. debt holdings would have a destabilizing effect on the U.S. economy and national security.

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